The pair rebounded to the upside after approaching the support for the downside correctional channel shown above. Assessing the pair over four-hour basis, and on the secondary image, we can see that the pair breached 1.6045 which completed a bullish formation with targets at 1.6180. In general, we expected the pair to resume the intraday upside move targeting the support for the main ascending channel, now a resistance at 1.6275, and stability above 1.6045 keeps the possibility valid.
The trading range for today is among the major support at 1.5955 and the major resistance at 1.6325.
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 around 1.6045 targeting 1.6180 and stop loss below 1.5960 might be appropriate|