Yesterday, in our Daily FX Commentary, we had recommended a buy on this pair at 1.6245. Our buy order was filled when price reached a low of 1.6231 overnight. Our view remains the same as yesterday. We had recommended bringing stop to cost at 1.6245 while keeping profit objective at 1.6315 in our report today. Earlier, price reached a high of 1.6307 but has fallen lower to 1.6270 again.
Support is at 1.6255 at the moment and if this support holds, we think price will likely move higher to 1.6315 again. But if this support fails to hold, our stop may be in danger. There is nothing to worry as we would not be losing any money on this trade. Our bullish view remains intact and we will review tomorrow if we should continue to hold a long position if our stop is taken out tonight.