Morning Report

The pair stabilized below the ascending intraday channel's support level that contributed in breaching pivotal resistance around 1.5910, while stochastic enters oversold areas; therefore, we expect the pair to rebound after retesting the mentioned resistance level to achieve the bullish intraday direction that targets initially 1.6060 then 1.6145. Note the importance of stability above 1.5910 to insure resuming targets.

The trading range for today is among the key support at 1.5810 and the key resistance at 1.6250.

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 1.6185 and stop loss below 1.5810, might be appropriate.