Morning Report

The pivotal resistance level 1.6240 stood in front of attempts of the cable to ascend, where signs of conflicting technical pattern signs that might cause mixed trades for the pair. The main bullish technical pattern is awaited to breach its neckline at 1.6240; where the last descend is at 1.6055 and might push the pair to go through more bearish correction. We see that the expected direction for today is bullish supported by the MA 50, in addition to the bullish signs coming through the Stochastic, where the target it 1.6240 following 1.6445. It is vital to keep in mind that 1.6055 is essential to achieve these expectations.

The trading range for today is among the key support at 1.5960 and the key resistance at 1.6445.

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

Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.6070 targeting 1.6240 and stop loss below 1.5985, might be appropriate.