Morning Report

The pair is stable above the 76.4% correction at 1.6250 which keeps the upside possibility valid. On the other hand, momentum indicators are negatively pressuring the pair and fueling the fluctuations around the aforementioned correction. In general, we see the fluctuations extending today until the pair unloads the negative momentum and then resume the intraday bullishness, targeting areas from 1.6500. Stability above 1.6250 areas is required for our expectations to prevail.

The trading range for today is among the major support at 1.6200 and the major resistance at 1.6500.

The short term trend is to the upside with steady daily closing above 1.5315 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 1.6250 targeting 1.6400 and stop loss below 1.6175 might be appropriate