Morning Report

The minor descending channel's resistance continues to hold against the upside move for the pair. Trading reversed tot eh downside to settle now around the MA 50 accompanied by Stochastic gaining upside momentum over four-hour basis. Therefore, we see the likelihood for an upside move today which requires the clear breach of 1.6445 and stability above 1.6350.

The trading range for today is among the major support at 1.6255 and the major resistance at 1.6635.

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 we recommend buying the pair with hourly closing above 1.6445 targeting 1.6635 and stop loss below 1.6350 might be appropriate