Morning Report

The pair rushed to the upside to return within the main ascending wave after yesterday's closing above the main ascending channel's support. We believe that this is a strong confirmation and expect an intraday upside move today that might be preceded with fluctuations and a downside bias due to the negativity on momentum indicators and then move towards targets from 1.6600. Stability above 1.6340 is required for our expectations to prevail.

The trading range for today is among the major support at 1.6340 and the major resistance at 1.6675.

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 buying the pair around 1.6415 targeting 1.6600 and stop loss below 1.6340 might be appropriate