Morning Report

The pair strongly pushed to the upside due to the effect of the bullish technical pattern that was completed at 1.5475, thereby making the pair return within the previously breached bearish channel and the mort vital return above the previously breached pivotal support at 1.5530. Meanwhile, momentum indicators are entering clear overbought areas and these factors make us recommend observing trading for today to insure if the pair will continue building its base above 1.5530; holding the ability to push the pair towards 1.5630 initially, or returning to negative pressure to continue the bearish short term trend.

The trading range for today is among the key support at 1.5280 and the key resistance at 1.5750.

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 explanation above our opinion is observing the pair’s movement to insure its upcoming direction.