Morning Report

The negativity of stochastic index pushed the pair to the downside to stabilize below 1.6510, however, the 23.6% Fibonacci retracement formed a good support especially after stochastic discarded its negativity, therefore, we expect an intraday upside move, while initial targets at 1.6600 if the pair stabilize above 1.6415.

The trading range for today is between the major support 1.6340 and the major resistance 1.6700.

The short term trend is to the upside with a steady daily closing above 1.5315 targeting 1.7000

RecommendationRecommendation based on the charts and explanations above we recommend buying the pair around 1.6415 targeting 1.6600 and stop losses below 1.6340 might be appropriate for today.