The sideway range for support is showing strongsolidity in front of the pair and causing it to strongly push to the upside, where signs of a bullish technical pattern appearingover the four-hour chart, whichis expected to lead trading in the upcoming period. Momentum indicators are showing overbought signs, which are causing some fluctuation until this negativity is gone. Meanwhile, building a base above SMA 50 and the mentioned bullish technical pattern are factors that encourage us to expect a bullish intraday overall trend; requiring primarily a clear breach of pivotal resistance levels between 1.0555 and 1.0625 and head towards levels at 1.0800 initially. It is vital that stability is resumed below 1.0455 to postpone the bullish trend continuing and maintain our sideway trading intact.
The trading range for today is among the key support at 1.0340 and the key resistance at 1.0800.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.1730.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair with the breach of 1.0625 targeting 1.0800 and stop loss below 1.0505, might be appropriate.|