The pair ended its latest bearish wave after testing the support level at 174.95 and settling above it, delaying the bearish pressure, to form strong bullish corrective move, by reaching around 176.50.

 

Note that breaching 176.50 and holding above it could strengthen the chances of targeting further corrective levels. We expect reaching 177.10, followed by an attempt to test the next resistance barrier at 177.80. However, failure to breach this level would force the pair into mixed trading until it gathers sufficient negative momentum to renew its attempts to pressure the previously mentioned support.

 

The expected trading range for today is between 175.70 and 177.10

 

Trend forecast: Bullish