The pair rebounded to the upside heading towards the downside correction channel's resistance shown above. Yesterday, the pair breached importnat resistance levels and therefore, we expect the resumption of the intraday upside move targeting 1.6245, and then observing the pair carefully. Where this breach gives strong signal that the pair settled for the correction and will return to the general upside direction.
The trading range for today is among the major support at 1.6000 and the major resistance at 1.6335.
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 1.6125 targeting 1.6245 and stop loss below 1.6045 might be appropriate today|