Morning Report

Levels 1.5960 is showinga soliditythe pair's attempts to ascend, where the pair seems to currently be heading to retest the previously breached resistance level at 1.5870. The stochastic is entering oversold areas, where we await a positive crossover that will activate the expected bullish intraday overall direction; targeting mainly 1.6070. We point out that the four hour closing above 1.5870 is essential to resume the expected bullish trend for today.

The trading range for today is among the key support at 1.5790 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

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5870 targeting 1.6010 and stop loss below 1.5790, might be appropriate.