Morning Report

The pair approached the 38.2% Fibonacci correction at 1.6210 while Stochastic entered overbought areas.We hold onto our bearish expectations for todaydue to trading within the minor descending channel shown above and the negative pressure of SMA 50, targets start at 1.6045 and require stability below 1.6250.

The trading range for today is among the major support at 1.5880 and the major resistance at 1.6310.

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 around 1.6210 targeting 1.6045 and stop loss above 1.6310 might be appropriate