Morning Report

The pair pushed strongly to the upside yesterday resuming stability within the upside channel that has been breached due to support to attempt some bearish correction and note that it has halted around 38.2% Fibonacci appearing in the image above. This stability above support is around 1.6130, alongside appearing above the MA 50 and making us expect a bullish intraday direction initially targeting 1.6275 - 1.6300. Meanwhile, note that the breach of support levels between 1.6130 - 1.6070 will help the negative pressure to return on the pair to attempt more correction.

The trading range for today is among the key support at 1.5990 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 1.6130 targeting 1.5275 and stop loss below 1.6070, might be appropriate.