The pair continued its bullish push yesterday to stabilize above support for the previously breached ascending channel. This points out that the pair might return and resume the bullish direction over an intraday and short term basis, but chances of a minor bearish correction exists will negative pressure from momentum indicators that may force the pair to build a new base on support, which is currently ascending towards 1.0725 before continuing the expected bullish trend. Chances of continuing this bullish direction require the daily close to remain intact above 1.0725.
The trading range for today is among the key support at 1.0725 and the key resistance at 1.0945.
The short term trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.
Previous Report Weekly ReportSupport1.07851.07251.06701.06401.0605Resistance1.08401.08951.09451.10001.1050RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0725 targeting 1.0840 and stop loss below 1.0670, might be appropriate.