Morning Report

The cable is gradually narrowing after rebounding to the upside from the support levels for the descending channel that organizes current trades. The positive signs continue appearing through momentum indicator; thus, making us expect a possible bullish intraday direction for today that initially targets 1.6475 and could extend towards the resistance level for the declining channel at 1.6645, but with the bearish short term direction remaining intact if we do not witness a daily closing above 1.6645.

The trading range for today is among the key support at 1.6135 and the key resistance at 1.6600.

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 buying the pair with the breach of 1.6325 targeting 1.6475 and stop loss below 1.6240, might be appropriate.