Morning Report

The pair breached the descending channel's resistance and the SMA 50 which is a strong recovery signal and return to the upside after correcting 50% of the upside move from 1.5342 to 1.6745. The pair found strong resistance at the retest of the breached main support that now is a resistance at 1.6330 and supported by momentum indicators. We need to observe trading around the critical levels at the mentioned retest and the support at 1.6210 for more confirmations.

The trading range for today is among the major support at 1.6100 and the major resistance at 1.6520.

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

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RecommendationBased on the charts and explanations above we recommend observing trading today awaiting more confirmations