Morning Report

The pair is trading to the downside yesterday and gradually near the upside channel's support level appearing in the image above, while stochastic continues moving within the oversold area. Hence, we expect to witness a bullish intraday direction initially targeting levels around 1.6300, while noting that the breach of this channel's support holds the keys to reversing to the bullish intraday trend.

The trading range for today is among the key support at 1.5965 and the key resistance at 1.6300.

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 1.6010 targeting 1.6150 and stop loss below 1.5905, might be appropriate.