Morning Report

The long upper shadow of yesterday's candlestick has taken the pair towards the territory 200-Day SMA once again as seen on the provided daily chart. Meanwhile, Stochastic continued reflecting some kind of technical hesitation despite approaching overbought areas. We are definitely forced to stay aside againover intraday basis due to the sensitivity of current levels. A break below 1.5890 with a four-hour closing may activate a negative sign on momentum indicator. But, clearing the psychological level of 1.6000 will confirm a breakout above SMA 200.

The trading range for today is among key support at 1.5730 and key resistance at 1.6165.

The general trend over short term basis is to the downsidetargeting 1.4225 as far as areas of 1.6875 remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.