Morning Report

Trading was caught among the 50% and 32.8% correction as shown above, where momentum indicators provided positive signs supporting the 50% correction at 1.6455 which might support the upside rebound. On the other hand, the SMA 50 is now a resistance against the pair which might restrict the return to the upside. Those factors might form a bearish technical pattern with the neckline at 1.6455 and accordingly we remain neutral and recommend observing trading today looking for more confirmations by watching the movement around 1.6455 support and 1.6590 resistance.

The trading range for today is among the major support at 1.6300 and the major resistance at 1.6655.

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

RecommendationAfter closing the morning position and based on the charts and explanations above we recommend observing the pair for more confirmations