Morning Report

The pair stabilized around the upside channel's support level shown above, while stochastic had started to move to the upside supporting the continuation of support within the highlighted channel. We expect the bullish intraday direction to resume, but keeping in mind that achieving the pair's breach of support levels between 1.6155 and 1.6120 paving the way to the downside highlighting the bearish wave correction starting from levels around 1.5340.

The trading range for today is among the key support at 1.6000 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 1.6155 targeting 1.6345 and stop loss below 1.6090, might be appropriate.