The pair continues to find a hard time in surpassing the 50 MA at 1.0545 due to the effect of the negative momentum seen yesterday, although the pair managed to unload this negative pressure Stochastic is entering oversold areas, alongside trading within the minor bullish channel shown above. We see that the expected direction is bullish over intraday basistargeting 1.0675. The pair must stabilize above 1.0450 for the expectations to prevail.
The trading range for today is among the key support at 1.0400 and the key resistance at 1.0675.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
Support1.04501.04001.03501.03151.0250Resistance1.05451.06001.06751.07001.0750RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.0545 targeting 1.0675 and stop loss below 1.0450, might be appropriate.