Morning Report

The minor descending channel's resistance continued to halt the pair's attempts to move to the upside which forced the pair to reverse to the downside approaching the critical support at 1.6300. This continued downside bias might cause an intraday downside move targeting the main ascending channel's resistance around 1.6160. We should observe trading around this level as it might help restart the upside short term trend once again. Breaching 1.6160 will extend the downside move and breaching 1.6455 will carry the pair into the bullishness again.

The trading range for today is among the major support at 1.6160 and the major resistance at 1.6550.

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 our opinion is selling the pair with the breach of 1.6300 targeting 1.6160 and stop loss above 1.6380 might be appropriate