Morning Report

The pair attempted to breach pivotal resistance several times around 1.5910 forming critical intraday trend levels.SMA 50 is still showing the support required for a present bullish trend and thereby encouraging us to expect a bullish intraday direction; targeting initially 1.6060, while breaching 1.5910 and stabilizing below it will postpone resuming bullish targets and lead to starting a bearish correction for the last bullish wave, which has initially started from levels around 1.5400.

The trading range for today is among the key support at 1.5810 and the key resistance at 1.6185.

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 1.5910 targeting 1.6060 and stop loss below 1.5810, might be appropriate.