After touching our suggested entry point for the bullish wave exactly at 1.5900, the pair has inclined sharply attacking the psychological level of 1.6000 as seen on the provided daily graph. Looking deeper at the daily closing, we can see how the closing was achieved comfortably above the 50% retracement of the CD leg for the bullish harmonic AB=CD pattern; thus, we look forward towitness more upside actions over intraday basis according to harmonic rules where 61.8% could be touched soon. We remind you that 76.4% remains under our technical microscope since it represents the level that is always respected in the correctional waves of the pair. Assessing indicators, Vortex solidifies the bullishness while RSI 14 may cause some fluctuation.
The trading range for today is among key support at 1.5780 and key resistance at 1.6200.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair very cautiously around 1.5930 targeting 1.6100 and stop loss below 1.5780 might be appropriate.|