One more positive closing was achieved above the psychological level of 1.6000 while trading continues above Parabolic SAR. In the interim, Stochastic remains positive suggesting additional gains towards yesterday's recorded high of 1.6080. A break above this resistance will ease the path towards 1.6125 followed by the high recorded in October, 2011 at 1.6165 zones. Only coming back below 1.5840 will give us a rational technical reason for pause.
The trading range for today is among key support at 1.5840 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 around 1.6000 targeting 1.6165 and stop loss below 1.5895 might be appropriate.|