Morning Report

The pair fluctuated around the breached support for the main ascending channel, and we can see the fluctuations on Stochastic that is currently trading in overbought areas. This factor and the negative pressure from the MA 50 favors the intraday downside move for the pair today targeting areas from 1.6000. The bearish scenario requires stability below 1.6225-45 to prevail.

The trading range for today is among the major support at 1.6000 and the major resistance at 1.6400.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.6225 targeting 1.6045 and stop loss above 1.6320 might be appropriate