Morning Report

The pair stabilized on the upside channel's support level controlling present trading for the pair, while stochastic is showing positive signs that support chances of trading to continue within this channel. Henceforth, we expect the bullish intraday trend to resume towards the initially key target 1.6275, but keep in mind the importance of stabilizing above 1.6070 to insure achieving expectations.

The trading range for today is among the key support at 1.6070 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.

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.6125 targeting 1.6275 and stop loss below 1.6070, might be appropriate.