The pair sharply descended after nearing pivotal resistance 1.0460 touching support for the bearish channel at 1.0290, accompanied by clear oversold signs and therefore making us expect trading to remain within the current range. Thus, we expect a bullish intraday trend that initially target 1.0460, but always points towards a daily closing above support for this bearish channel, which is one of the vital factors to maintain the expected bullish trend's continuation.
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 around 1.0290 targeting 1.0420 and stop loss below 1.0200, might be appropriate.|