Morning Report

The pair succeeded in printing a positive daily closing above SMA 200 as seen on the provided daily chart. Actually, it is currently facing very strong barrier while Stochastic is on it way to enter overbought areas. Accordingly, we believe that the technical situation is sensitive enough to force us to stay aside over intraday basis. A break above 1.5925 will threaten the psychological level of 1.6000; whilst taking 1.5785 will prove the strength of the resistance areas between 1.5890 and 1.5925.

The trading range for today is among key support at 1.5640 and key resistance at 1.6075.

The general trend over short term basis is to the downside, targeting 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.