The pair dropped to reach just near our targeted area and the possible first potential reversal zone for the harmonic pattern we mentioned yesterday. We expect a rebound to the upside today affected by the harmonic pattern targeting initially the 200 SMA and X point of the butterfly around 1.6100-1.6120.
The trading range for today is among key support at 1.5780 and key resistance at 1.6310.
The general trend over short term basis is to the downsidetargeting 1.4225 as far as areas of 1.6875 areas remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buiying the pair around 1.5950 targeting 1.6100, followed by 1.6260 and stop loss below 1.5780 might be appropriate.|