More negative pressure on the pair will cause sideway support at 1.1480 although this level is showing stability that will push the pair to the upside due to positive signs that appearon momentum indicators. From here, we expect an initially bullish intraday direction to retestthe brokensupport that has turned into resistance at 1.1625. It is vital to keep an eye on the pair when it reaches this level to insure the upcoming direction more accurately, where the breach of it will insure the pair's return within the bullish trend within the previously breached ascending short term channel.
The trading range for today is among the key support at 1.1420 and the key resistance at 1.1695.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
Previous Report Weekly ReportSupport1.14801.14201.13801.13451.1300Resistance1.15601.16251.16851.17351.1780RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.1480 targeting 1.1625 and stop loss below 1.1420, might be appropriate.
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