Morning Report

The pair successfully moved to the upside since yesterday stabilizing around the awaited target 1.6060, while momentum indicators are showing clear overbought signs that could cause some minor correctional slant before continuing the expected bullish intraday trend; targeting next 1.6185 then 1.6250. Stability above 1.5960 is vital to insure that targets are not postponed.

The trading range for today is among the key support at 1.5990 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 1.5990 targeting 1.6185 and stop loss below 1.5905, might be appropriate.