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The market is bullish above 0.6530. The pair continues consolidating above its nearest support at 0.6530. It is expected to challenge the resistance at 0.6590 in coming trading hours. The risk of a fall below this threshold remains rather high as the intraday RSI lacks upward momentum. To sum up, as long as 0.6570 acts as support, look for choppy price actions with a bullish bias. Up targets are set at 0.6590 and 0.6625.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6590 and the second target at 0.6625. In the alternative scenario, short positions are recommended with the first target at 0.65 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6475. The pivot point is at 0.6530.
Resistance levels: 0.6590 0.6625 0.6660 Support levels: 0.6500 0.6475 0.6435
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