Midday Report

The cable is stuck between the key resistance at 1.6445 and 1.6385 which was breached yesterday, where it recorded one attempt at the key resistance level. We still expect an upside movement; meanwhile, we await to insure the breach of the mentioned resistance to achieve expectations which target 1.6740. However, Stochastic is still negatively pressuring the pair.

The trading range for today is among the key support at 1.6100 and the key resistance at 1.6740.

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 at 1.6445 targeting 1.6600 and stop below 1.6320, might be appropriate