Morning Report

The pair stabilized around SMA 50 and below pivotal resistance 1.5510, but in return stochastic is giving off positive signs that encourage us to expect a bullish intraday direction initially reaching the descending channel's resistance level that controls short term trading around 1.5690. Note that the breach of 1.5400 holds the keys to make the bullish scenario suggested today to fail.

The trading range for today is among the key support at 1.5345 and the key resistance at 1.5690.

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 with the breach of 1.5510 targeting 1.5690 and stop loss below 1.5400, might be appropriate.