Morning Report

The daily closing remained below 1.6495; where the cable was able to rid of positive momentum appearing on the stochastic since yesterday, through the bullish correction that it did after major bearish move. These signs make us expect a possible bearish intraday for today; targeting initially 1.6300 then 1.6230, where it is vital that the daily close remain below 1.6495 to maintain chances of the expected bearish direction to prevail.

The trading range for today is among the key support at 1.6230 and the key resistance at 1.6640.

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

Monthly report

RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.6495 targeting 1.6335 and stop loss above 1.6595, might be appropriate.