The pair has achieved its first target at 1.1405 to return quickly to trade around the support area 1.1365 – 1.1350 … the recent trend structure is still rising … Stochastic has entered the oversold area and the RSI is still within the bullish momentum on line 50 …
The possible bullish scenario remains intact as long as the pair remains above the 1.1325 support and the pair could return to face the resistance 1.1405, which could push the pair to the second target at 1.1460 then the resistance at 1.1510 as the third target.
A break above the 100 SMA with a four hour closing below 1.1325 might be enough to end the bullish scenario and then the price could then head to test the support at 1.1290 as the first target and then support 1.1250 as the second target.
