The pair achieved a strong descend yesterday touching support for the sideway bearish channel, keeping in mind yesterday's closing was above this support hat has currently declined to 1.0305. Momentum indicators are showing positive signs that encourage us to expect a bullish intraday direction, starting targets at 1.0460 and extend to 1.0600. We point out the importance of the daily closing stabilizing above 1.0305 to maintain chances of resuming these expectations.
The trading range for today is among the key support at 1.0200 and the key resistance at 1.0600.
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 around 1.0305 targeting 1.0460 and stop loss below 1.0230, might be appropriate.|