Morning Report

The pair stabilized the support for the minor ascending channel which formed a continuation flag pattern after the confirmed completion with the breach seen. The pattern alongside the resistance from EMA 50 are negative factors signaling a downside move for today targeting 1.5765. Breaching 1.6085 will push the pair towards 1.6210 then 1.6300.

The trading range for today is among the major support at 1.5765 and the major resistance at 1.6085.

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 1.6140 might be appropriate