Morning Report

The new ascending channel's support, shown in yesterday's midday report, continues showing its strength in front of attempts by the cable to descend; thus, being able to push the pair again above the resistance level for the previously breached bearish direction, shown in the image above. Presently, the pair is trading to the upside, where the only obstacle left is 1.6610. We expect a bullish trend over an intraday basis that starts with the breach of 1.6610 and targets 1.6750 initially, which requires trading to remain above 1.6545.

The trading range for today is among the key support at 1.6260 and the key resistance at 1.6840.

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

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RecommendationBased on the charts and explanations above our opinion is buying the pair at 1.6570 and targeting 1.6690 and stop loss below 1.6505, might be appropriate