Morning Report

The pair continued attempts of stabilizing above 1.6150, but the negative pressure from stochastic is causing the pair to return below this level. In return, we find that SMA continues offering good support, accompanied by stochastic ridding of negative momentum. We expect to witness a bullish intraday trend but resuming it required two initial factors; first, the breach and stability above 1.6150 and the second is stabilizing above 1.6045.

The trading range for today is among the key support at 1.5995 and the key resistance at 1.6325.

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 explanations above our opinion is buying the pair with an hourly closing above 1.6150 targeting 1.6325 and stop loss below 1.6045, might be appropriate.