The pair stronglyinclined to touch resistance for the sideway resistance once again at 1.0560. This level is still forming the roof for trading since mid last year, supported by the negativity of momentum indicators, where we expect it to continue maintaining this level's stance. Therefore, we can expect a bearish intraday trend that targets first attacking support for the sideway range at 1.0395. We point out that the breach of 1.0560 and building a base above it will weaken chances of achieving the awaited downside trend today.
The trading range for today is among the key support at 1.0350 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.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair around 1.0560 targeting 1.0395 and stop loss above 1.0670, might be appropriate.|