Morning Report

After reaching the awaited support around 1.5870, the pair is trading in a sideway manner where the pair is currently below the retest level that has ascended now towards 1.5890; while signs of a minor bearish technical pattern is expected to push the pair to the downside towards support for the bullish short term channel at 1.5800. From here, we await to touch the mentioned support level as the pair will start an expected bullish intraday trend from there, where targets start at 1.5895 then 1.6010. However, it is vital that a base is built above 1.5800 to insure that this suggested bullish wave prevails.

The trading range for today is among the key support at 1.5725 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 1.5800 targeting 1.5895 and stop loss below 1.5725, might be appropriate.