Morning Report

The pair is trading within a minor upside channel, which may from a continuation flag pattern. Breaching the support of this channel means the continuation of the downside correction which started from 1.6745. On the other hand, Stochastic shows overbought signs which could support the pair to target the descending correctional channel's resistance. From here, the conflicting technical signals make us prefer neutrality for todayand observe the pair's behavior around 1.6030 and 1.6130.

The trading range for today is among the major support at 1.5880 and the major resistance at 1.6310.

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

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RecommendationBased on the charts and explanations above we recommend observing trading today awaiting more confirmations