Morning Report

The pair continues its upside push as it nears the minor downside channel's resistance, which formed a continuous flag pattern created by breaching the upside channel's support level in order to bearishly correct according to the image above. Momentum indicators are showing overbought signs that may cause some bearishness; however, due to support from SMA, we expect to see more bullish intraday movement initially targeting 1.6530. Note that the breach of 1.6250 could postpone resuming the expected upside.

The trading range for today is among the key support at 1.6200 and the key resistance at 1.6530.

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

Support1.62501.62001.61501.61101.6060
Resistance1.63601.63901.64501.65301.6595
RecommendationBased on the charts and explanations above our opinion is buying the pair with an hourly closing above 1.6360 targeting 1.6530 and stop loss below 1.6250, might be appropriate.