Morning Report

The pair has been able to breach the resistance for the main ascending channel to quicken up the bullish short term wave, although resistance for the bullish channel appearing through the image above stops this ascend. The pair is expected to bearishly correct to retest the broken resistance at 1.5845. In overall, the expected short term trend is bullish, but we recommend caution in trading.

The trading range for today is among the key support at 1.5705 and the key resistance at 1.6070.

The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.

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Weekly Report

Support1.58451.57851.57051.56951.5600
Resistance1.59001.59701.60201.60701.6100
RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5845 targeting 1.5955 and stop loss below 1.5785, might be appropriate.