The pair is trading according to yesterday's suggested scenario and nearing the initial key target a pivotal resistance 1.0460, thereby helping the minor bullish technical pattern's pair to push to the upside and be completed, especially since its neckline has been breached at 1.0390. The pair is currently finding a hard time surpassingSMA 50 due to the negative effect of momentum indicators; thus, causing some fluctuation at current levels to gain enough bullish momentum to support the pair towards resistance for the sideway bearish channel at 1.0580. From here, we can expect a bullish overall trend for today that requires two factors to prevail; first, a clear breach of 1.0460 and second is ,stabilizing above 1.0320.
The trading range for today is among the key support at 1.0200 and the key resistance at 1.0460.
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 1.0460 targeting 1.0580 and stop loss below 1.0390, might be appropriate.|