Morning Report

The highlighted 23.6% Fibonacci appearing yesterday with strong resistance in front of the pair moving to the upside as it reverses to the downside effected by the rising wedge appearing in the image above. In return, SMA 50 is showing support in front of the pair, alongside stochastic entering oversold areas. The pair currently stands as a barrier in front of critical levels for the intraday direction, represented in support 1.5655 and resistance 1.5780. These levels must be closely observed in order to insure the upcoming direction more clearly.

The trading range for today is among the key support at 1.5510 and the key resistance at 1.5900.

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