Morning Report

Trading has been caught between the resistance for the minor descending channel shown above and 23.6% Fibonacci correction, where the pair is finding difficulty in breaching this resistance due to the negativity on Stochastic. Stability above EMA 50 makes us favor the intraday bullishness today, yet we need first the breach and stability above 1.6480 and stability above 1.6300.

The trading range for today is among the major support at 1.6260 and the major resistance at 1.6650.

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

Previous Report

Weekly Report

Support1.63801.63001.62601.62101.6155
Resistance1.64801.65501.66001.66501.6700
RecommendationBased on the charts and explanations above we recommend buying the pair with hourly closing above 1.6485 targeting 1.6650 and stop loss below 1.6370 might be appropriate