The pair stabilized above resistance for the sideway range 1.0560, but we notice signs of a rising wedge pattern that we expect will push the pair towards revisiting the bearish trend once again. Momentum indicators combine to show negative signs that support expectations for the bearish intraday direction; targeting primarily 1.0390. It is vital that the daily closing is below 1.0670 to maintain expectations intact.
The trading range for today is among the key support at 1.0390 and the key resistance at 1.0670.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
Support1.05601.04951.04501.03901.0350Resistance1.06101.06701.07001.07501.0785RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.0560 targeting 1.0390 and stop loss above 1.0670, might be appropriate.