Morning Report

The pair failed to stabilize above 1.6455 breached yesterday and was again affected by the negativity of the bearish pattern mentioned in our previous report, where trading returned again between 61.8% and 76.4% Fibonacci correction. Stochastic is providing positive signals that might push the pair towards 1.6455 again while the SMA 50 offers negative pressure that might push the pair towards the ascending channel's support a t1.6230. Therefore, we recommend observing the pair today and around 1.6455 resistance and 1.6300 support which can determine the coming intraday direction for the pair.

The trading range for today is among the major support at 1.6160 and the major resistance at 1.6575.

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 we recommend observing trading today awaiting more confirmations