Morning Report

The pair acquired the second target around 1.6185 with ongoing negative signs on momentum indicators, while the SMA 50 supports the present bullish wave. Hence, we expect more bullish intraday movementfollowed by a minor bearish correction. Stability above 1.6060 is required for our expectations to prevail.

The trading range for today is among the key support at 1.6060 and the key resistance at 1.6345.

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 1.6090 targeting 1.6250 and stop loss below 1.5990, might be appropriate.