Morning Report

The pair returned to trade above the descending trend's minor support level, where this support is around 1.5385; however, in the meantime we see that Stochastic is giving off a bullish signal. These reasons cause us to expect a slight bullish correction that could occur in trading today. It is vital that we remain cautious throughout the expected bullish correction, where 1.5505 represents the bullish extended correction, or a short one.

The trading range for today is among the key support at 1.5315 and the key resistance at 1.5650.

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 1.5400 targeting 1.5605 and stop loss below 1.5300, might be appropriate.