Morning Report

The pair reached the target awaited at 1.6045 and ended the move at exactly those areas. This stop was affected by Stochastic entering oversold areas that might cause some volatility and an upside bias to retest areas of 1.6100-10 before resuming the intraday downside move today that mainly targets areas around 1.5880; our expectations require stability below 1.6110 to prevail.

The trading range for today is among the major support at 1.5880 and the major resistance at 1.6210.

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 around 1.6100 targeting 1.5880 and stop loss above 1.6210 might be appropriate