Morning Report

The MA 50 continues protecting the bullish intraday direction for the pair through continuously pushing it to the upside, appearing through the image above. Stochastic is giving off bullish signs pointing to an expected incline targeting pivotal resistance 1.5835, which represents the meeting point between the descending channel's resistance level with the suggested bullish technical pattern's neckline that is currently being formed. In case the pair succeeds in surpassing this level upcoming targets are around 1.6000 - 1.6075. We expect a bullish intraday direction that essentially requires two main factors to prevail; one, breaching 1.5835 and the second is trading above 1.5735.

The trading range for today is among the key support at 1.5650 and the key resistance at 1.6000.

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 buying the pair around 1.5835 targeting 1.6000 and stop loss below 1.5735, might be appropriate.