Morning Report

The pair found it difficult to surpass the previously recorded top around 1.6275 due to negativity of stochastic; therefore, chances of continues fluctuations and some minor bearish slant remain intact, where we expect it to build a base on the MA 50 - presently around 1.6160 before resuming the expected bullish intraday direction, where initial targets are heading towards 1.6415. Stability above 1.6110 will maintain chances of these targets prevailing.

The trading range for today is among the key support at 1.6110 and the key resistance at 1.6415.

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 1.6160 targeting 1.6275 and stop loss below 1.6070, might be appropriate.