Morning Report

The pair strongly moved to the upside highlighted yesterday, where it was able to stabilize above pivotal resistance 1.5810. More expected bullish intraday direction, targeting complete targets for the bullish pattern around 1.5950 - 1.5970 and then attempt to stabilize above the psychological barrier 1.6000. Keep in mind the negativity appearing on momentum indicators and negatively pressuring the pair to correct to the upside since yesterday, while stabilizing above 1.5700 that is vital to resume these expectations.

The trading range for today is among the key support at 1.5700 and the key resistance at 1.6060.

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 1.5810 targeting 1.5975 and stop loss below 1.5700, might be appropriate.