Morning Report

The pair breached the retest level 1.5910, but the MA 50 stood as a barrier in front of the strong support and thus preventing the pair from resuming more bearish activity. To stabilize below the breached level is considered to be a negative sign, which could lead to more downside movement; whereas the support the pair has found around the MA 50 and positivity on the stochastic could hold the key for the pair to return within the bullish trend. These conflicting signs make us recommend observing trading today, specifically around critical levels between 1.5910 as present resistance and .5845 represented in the MA 50.

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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RecommendationBased on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.