Morning Report

The pair stabilized above 1.5910 in addition to stability above the 50 SMA signaling the upside bias for the pair. The ascending upside channel is organizing trading for now and supporting our expectations for the pair to move to the upside today targeting 1.6060 then 1.6185. The negative momentum and the minor resistance at 1.5995 might restrict the bullishness though breaching this level confirms the upside move. Stability above 1.5815 is required for the bullishness to prevail.

The trading range for today is among the major support at 1.5730 and the major resistance at 1.6100.

The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.

Previous Report

Weekly Report

Support1.58751.58151.57701.57301.5700
Resistance1.59101.59951.60601.61001.6145
RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.5995 targeting 1.6185 and stop loss below 1.5875 might be appropriate