Morning Report

The cable closed yesterday above 1.6555, thus signaling towards achieving a bullish short term direction. We need to insure this scenario to also close above this level today, where yesterday'sbullishness could be a correction for the last bearish wave. Momentum indicators are showing signs that are supporting achieving a possible bullish trend over an intraday basis which initially targets 1.6730 and requires 1.6555 to remain intact on the four hour close.

The trading range for today is among the key support at 1.6350 and the key resistance at 1.6730.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.

RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.6555 targeting 1.6730 and stop loss below 1.6455, might be appropriate.