Morning Report

The support level for the descending channel (currently at 1.5765) proved its strength in front of the cable's attempts to move to the downside, which pushed the pair to the upside; we think that it is the start of a bullish short term wave targeting the resistance levels for this channel. We await the breach of the minor resistance level at 1.5960, where we see that it will open the way for the pair's upside move, followed by the key resistance level at 1.6120 which impeded previous upside attempts, asseen on thechart above. from here we can expect an intraday upside move, where its first target is at 1.6120 but keep in mind that the daily closing shouldremain above 1.5765 for the bullish wave to prevail.

The trading range for today is among the key support at 1.5580 and the key resistance at 1.6360.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100.

RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.5960 targeting 1.6120 and stop below 1.5870, might be appropriate