The pair approached the support for the minor descending channel mentioned yesterday and reversed to the upside due to the positivity on Stochastic. We expect an intraday upside move today targeting the retest of the breached support now a resistance at 1.6285. Breaching this level will revive the upside move while breaching 1.6045 will extend the downside correction in the coming period.
The trading range for today is among the major support at 1.6045 and the major resistance at 1.6455.
The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
|Recommendation||Based on the charts and explanations above we recommend buying the pair with hourly closing above 1.6195 targeting 1.6285 and stop loss below 1.6125 might be appropriate|