Morning Report

The pair continued the bullishness from yesterday, but continues trading around the previously breached support for the rising wedge. The pair is approaching the resistance for the descending channel at 1.5855 accompanied by negativity on Stochastic over four-hour basis; thus, the pair might reverse lower at least towards 1.5725 levels. We expect to an intraday downside movedue to the bearish factors mentioned and to unload negative momentum to then attempt to surpass the resistance level and pave the way towards resuming the bullish short term direction.

The trading range for today is among the key support at 1.5650 and the key resistance at 1.6075.

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 1.5855 targeting 1.5725 and stop loss above 1.5895, might be appropriate.