Morning Report

The pair is trading within a narrow range since touching 1.5900 as its currently moves near support for the bullish short term channel, as long as we keep in mind that the fluctuation had helped the pairto gatherbullish momentum appearingon Stochastic. This makes us expected a bullish direction over an intraday basis, where its targets start at 1.5965 then 1.6070. Notice that the suggested bullish trend requires trading to build a base above 1.5765 to prevail.

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 1.5855 targeting 1.5965 and stop loss below 1.5790, might be appropriate.