The pair has moved steadily upwards breaching through the upper line of the recently established descending channel as seen on the provided daily chart. The positive closing above the psychological level of 1.6000 and the bullishness on Stochastic and Parabolic SAR indicators are reasons that encourage us to suggest further gains towards the high recorded in October, 2011 at 1.6165. On the downside, coming back below 1.5890 will negate and clear the path towards 1.5730 zones.
The trading range for today is among key support at 1.5840 and key resistance at 1.6165.
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, buying the pair around 1.6000 targeting 1.6165 and stop loss below 1.5895 might be appropriate.|