Morning Report

Over-daily basis, the mixed technical signals continue, as the pair stabilized above SMA 50 at 1.6305, but below the 23.6% Fibonacci retracement at 1.6415. And stochastic biased negatively, where the RSI traded around 50 points and trying to stabilize above it. These mixed technical signals force us to be neutral until we get more clear signals for the next move.

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

RecommendationBased on the charts and explanations above we recommend neutrality until we get more confirmation for the next move.