Morning Report

The pair continues the downside correction expected yesterday, reaching the first correction level, the 23.6% Fibonacci at 1.6450. Meanwhile, Stochastic is trading within oversold areas alongside support from the SMA 50 from below. Therefore, we favor the likelihood foran intraday upside movetargeting areas from 1.6630 then 1.6700. Breaching 1.6450 will extend the downside correction towards 1.6360 and maybe 1.6285.

The trading range for today is among the major support at 1.6360 and the major resistance at 1.6630.

The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.6450 and take profit in stages at 1.6550, and 1.6630 and stop loss below 1.6360 might be appropriate