Morning Report

The MA 50 continues offering support for the pair pushing it to the upside, while noting its current return above the neckline highlighted in our previous reports for the bullish technical pattern - the inverted head & shoulders -. Meanwhile, stochastic is giving off notable positive signs that encourage us to expect a bullish intraday direction initially targeting 1.6300, while requiring stability above 1.6055.

The trading range for today is among the key support at 1.6055 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.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.6140 targeting 1.6345 and stop loss below 1.6055, might be appropriate.