Morning Report

The negative momentum appearing yesterday has caused the pair to reverse trading and fluctuate around pivotal support 1.5560, where it continues to currently trade above 1.5510 and remain above the MA 50. These factors make us expect a bullish intraday direction that targets touching the descending channel's resistance level at 1.5680, but keep in mind the importance of breaching 1.5510 will cause this scenario to fail.

The trading range for today is among the key support at 1.5425 and the key resistance at 1.5755.

The short term trend is to the upside as far as 1.5315 remains intact with targets at 1.7000.

Previous Report

Weekly Report

Support1.55601.55101.54551.54001.5345
Resistance1.56051.56451.56801.57551.5810
RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5510 targeting 1.5680 and stop loss below 1.5400, might be appropriate.