Morning Report

The pair succeeded in stabilizing within the upside channel shown above, while keeping in mind the difficulty in surpassing the previously recorded top around 1.6275 due to the negative effect of stochastic. Some fluctuation is expected, alongside stability on this channel's support level that is presently ascending towards 1.6205, before heading towards resuming the expected bullish intraday direction that requires two factors to prevail; first, a clear breach of 1.6275 paving the way towards 1.6420 initially, second is trading stability above 1.6205.

The trading range for today is among the key support at 1.6160 and the key resistance at 1.6450.

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 1.6205 targeting 1.6420 and stop loss below 1.6070, might be appropriate.