The pair failed to maintain levels below SMA 200 where it moved upwards again redressing all Wednesday's losses as seen on the provided daily chart. Stochastic is attempting to confirm this bullish momentum over daily studies despite Stochastic over four-hour interval is on the way to enter overbought areas. Re-attacking the psychological level of 1.6000 could be seen as a positive sign but we should stay aside today as we have witnessed choppy trading during the week while today's closing is very important as today represents the last day of trading in the first quarter of 2012. To conclude, let us wait and see until the pair proves its ability to take 1.6000.
The trading range for today is among key support at 1.5730 and key resistance at 1.6165.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.|