Morning Report

The pair stabilized around 23.6% Fibonacci, where it fluctuates around it since yesterday. In return, momentum indicators entered oversold areas that will form a positive factor in an attempt to return within the bullish trend. There still is positive and negative conflict between technical signs, thus we favor remaining neutral until signs appear insuring the upcoming direction.

The trading range for today is among the key support at 1.5960 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.

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