Morning Report

All the upside attempts for the pair failed after reaching areas between 1.6000 and 1.6060, which reflects the strength of this area. Assessing Stochastic, we can see that the index is attempting to crossover positively which will increase the volatility for today. Nevertheless, the breach of the main ascending support and the minor descending channel make us hold onto our negative expectations for today. Chances for an upside correction are still possible for the pair today yet it will not be sufficient to provide the pair with the momentum to stabilize above 1.6110 yet stability above those areas signals the possibility to test the main breached support -now resistance- around 1.6275 areas.

The trading range for today is among the major support at 1.5700 and the major resistance at 1.6275.

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

Previous Report

Weekly Report

Support1.59651.59201.58751.58101.5765
Resistance1.60201.60601.61101.61751.6210
RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.6020 targeting 1.5810 and stop loss with four-hour closing above 1.6110 might be appropriate