The bearish correction that the pair is attempting extended to 76.4% levels, while the four-hour candlestick closed above 61.8% correction at 1.0405; thus, maintaining chances of resuming the bullish direction. We expect some mixed fluctuation, in an attempt to insure getting enough positive momentum to support the expected bullish intraday, which requires the breach of 1.0465 in addition to 1.0345 remaining intact; where the breach of this level represents the reversal scenario towards a bearish short term intraday direction.
The trading range for today is among the key support at 1.0240 and the key resistance at 1.0625.
The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600.
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|Recommendation||Based on the charts and explanations above our opinion is buying the pair with the breach of 1.0465 targeting 1.0550 and stop loss below 1.0380, might be appropriate.|