Morning Report

The pair retested the breached support at 1.6255 and reversed to the downside to stabilize below the 38.2% Fibonacci correction. Therefore, we expect an intraday downside move today targeting areas from 1.6045 and require stability below 1.6260.

The trading range for today is among the major support at 1.6000 and the major resistance at 1.6320.

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 selling the pair with the breach of 1.6170 targeting 1.6000 and stop loss above 1.6260 might be appropriate