The pair is trading above the retest area menntioned yesterday at 1.6125, while the momentum indicators show overbought signs explaining the difficulties of continuing the awaited incline. In general, consolidation above the mentioned level and the support provided by the MA 50, are factors behind our expectations for an intraday upside movement initially targeting 1.6240 -the downside correction channel's resistance- we should observe the pair's behavior near this level, where a breach of which will open the way for the pair to return to the general upside trend, and to settle for the downside correction.
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|