Morning Report

The pair stabilized above the previously broken upside channel that has presently ascended towards 1.6340, while the clear negativity on momentum indicators are expected to fluctuation for some time before continuing with the expected bullish intraday direction, heading towards upcoming targets around 1.6500 then 1.6595. Keep in mind that the breach of 1.6340 could postpone the awaited ascend today.

The trading range for today is among the key support at 1.6225 and the key resistance at 1.6595.

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 1.6340 targeting 1.6595 and stop loss below 1.6210, might be appropriate.