Morning Report

Trading stabilized below the 50% Fibonacci correction at 1.6045 which is a good signal for resuming the intraday downside move today. Stochastic is gradually unloading the positivity and the MA 50 is pressuring the pair. The targets start mainly at 1.5880 then 1.5765.

The trading range for today is among the major support at 1.5765 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 1.6045 targeting 1.5880 and stop loss above 1.6155 might be appropriate