Morning Report

The upper line of the recently established descending channel and the coverage from Parabolic SAR have pushed the pair mildly to the downside as seen on the provided daily chart. But, the positivity of Stochastic and closing above 1.5890 are reasons that force us to stay aside today. Of note, breaching the uptrend line that carried the movements from 1.5230 will bring the negative picture back into focus.

The trading range for today is among key support at 1.5730 and key resistance at 1.6100.

The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas 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.