Morning Report

The cable was not able to breach the scattered resistance levels around 1.6600; pushing the pair to move to the downside sharply due to the negative pressures on momentum indicators; however, through the side image above, we see that the minor support at 1.6340 had halted this sharp fall. Meanwhile, momentum indicators entered oversold areas and seems to show a positive reversal, which makes us expect a bullish rebound any minute that targets mainly reaching the resistance levels between 1.6630 - 1.6680, then attempt to breach it to continue the short term bullish direction towards 1.7000. The bullish technical pattern's formation is still in progress, as mentioned in our previous report; as long as trading remains above 1.6340 to maintain chances of the awaitedbullish trend to continue.

The trading range for today is among the key support at 1.6240 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 1.6425 and targeting 1.6600 and stop loss below 1.6340, might be appropriate