Morning Report

The pair continues trading within the ascending channel appearing above, supported by the MA 50 that is offering support for the bullish intraday direction. This makes us expect the bullish trend to prevail today, initially targets are around 1.6250. The breach of 1.6015 and stabilizing above it will help the upside trend gain speed.

The trading range for today is among the key support at 1.5845 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 1.5955 targeting 1.6100 and stop loss below 1.5870, might be appropriate.