Morning Report

The pair was able to breach the sideway range of resistance 1.5765, according to out previous expectations, and face strong resistance at 1.5810 inline with negative signs appearing through the stochastic that are making us expect a retest of the breached resistance before resuming the expected bullish intraday; targeting mainly 1.5900 then 1.6005. Chances of an awaited bullish direction will prevail if trading remains above 1.5720.

The trading range for today is among the key support at 1.5555 and the key resistance at 1.6005.

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

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RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.5765 targeting 1.5900 and stop loss below 1.5640, might be appropriate.