SMA 200 has provided the pair with good support yesterday assisting it to achieve a daily closing above the level which is described as a clue for intraday traders at 1.5890 as seen on the provided daily graph. Stochastic remains positive but it is gradually approaching the overbought territory very quickly comparing with the tight range dominated the movements since the indicator achieved a positive crossover. We will stay aside today until the chart offers convenient signals to clarify the upcoming direction.
The trading range for today is among key support at 1.5730 and key resistance at 1.6100.
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.|