Morning Report

The pair is returning to pressure the upside channel's support level ascending towards 1.6170, due to the negativity appearing on stochastic; therefore, the pair stabilized below this level and paved the way towards a beginning of a bearish correction over an intraday basis. The MA 50 is negatively pressuring the pair and contributing to the expected breaching process, therefore, we remain neutral while observing the pair's movement as the four hour candlestick around 1.6170, where returning to stabilize above this level will force the pair within the bullish trend once again.

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.

RecommendationBased on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.