Morning Report

The four our chart is showing how the pair is moving within a sideway range between 1.5645 and 1.5510, while nearing the MA 50 touching this range's resistance level. We expect a base to be built on this level - 1.5645 - followed by a bearish reversal; therefore, we expect a bearish intraday direction but at the same time we point out the importance of observing the pair's movement when reaching one the ends of this sideway range.

The trading range for today is among the key support at 1.5425 and the key resistance at 1.5800.

The short term trend is to the upside as far as 1.5315 remains intact with targets at 1.7000.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.5645 targeting 1.5510 and stop loss above 1.5700, might be appropriate.