The pair has halted its downside movement yesterday at horizontal support 1.0390, which we think will currently form a second bottom for the bullish technical pattern alongside a bullish trend starting through the stochastic. From here, we can expect a bullish intraday direction that targets initially resistance for the sideway range as the pair moves within it at 1.0560. Keep in mind that the breach of 1.0390 and will lead to resuming the bearish direction that has started yesterday.
The trading range for today is among the key support at 1.0280 and the key resistance at 1.0645.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
Support1.03901.03501.0320 1.0280 1.0250 Resistance1.04751.0510 1.05601.0600 1.0675 RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.0390 targeting 1.0510 and stop loss below 1.0320, might be appropriate.