Morning Report

The pair continues its upside movement in line within the bullish channel that represents the current bullish intraday direction, especially after touching resistance for this channel around 1.0485. We can expect some minor descend that will build a base on support around 1.0405 - meeting point between support for the bullish channel with 50% Fibonacci correction - before heading towards resuming the expected bullish intraday overall direction.SMA 50 and Stochastic both support the suggested upside trend, which targets 1.0500 then 1.0585. It is vital that stability is above 1.0340 for the bullish scenario to prevail.

The trading range for today is among the key support at 1.0340 and the key resistance at 1.0585.

The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.

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Weekly Report

Support1.04051.03401.03001.02551.0200
Resistance1.05001.05851.06351.06751.0745
RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.0405 targeting 1.0500 and stop loss below 1.0340, might be appropriate.