Morning Report

The pair is attempting to correct after reaching 1.5560; whereasSMA 50 stands as a resistance barrier that is forming negativity on the pair over an intraday basis. Momentum indicators are showing overbought signs, thus making us expect more bearish intraday direction to target touching support for the bullish channel at 1.5535. Keep in mind the importance of observing the pair's movements when reaching mentioned support, since breaching it paves the way towards achieves more bearish direction on the short term. In return, the breach of 1.5710 will weaken chances of resuming the bearish trend today.

The trading range for today is among the key support at 1.5410 and the key resistance at 1.5815.

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 selling the pair around 1.5650 targeting 1.5535 and stop loss above 1.5710, might be appropriate.