Morning Report

The pair declined significantly due to the resistance of minor bearish channel that controls trading within the main bullish channel as shown on the chart. Stochastic is showing oversold signs which mayforce the pair to move to the upside, while SMA 50 faces it by supporting the downside trend which affected by the mentioned bearish channel. Therefore, we prefer neutrality for today until we have more accurate signs for the trend.

The trading range for today is between the major support 1.6125 and the major resistance 1.6520.

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 staying and monitor the daily closing until we get accurate signs.