Morning Report

The pair fluctuated around the retest level for the previously broken upside channel's support level towards 1.6325, while adding strength negativity to momentum indicators for this level impeding the process of returning within the upside channel. In overall, stability continues within 38.2% Fibonacci in front of the pair, alongside present stability above SMA that are factors that make us expect a bullish intraday direction that require two factor to prevail; first, clear stability above 1.6325 and the second trading stability above 1.6195.

The trading range for today is among the key support at 1.6195 and the key resistance at 1.6500.

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 above 1.6325 targeting 1.6500 and stop loss below 1.6225, might be appropriate.