Morning Report

The pair is trading around support for the bullish channel that organizes current trades, where this support is presently ascending towards 1.0590 protected by SMA 50; adding its strength to the bullish direction that the stochastic is showing. These factors make us expect a bullish direction over an intraday basis, where targets start at 1.0675 then 1.0745. As long as the four hour closing is above 1.0550 is vital to achieve these expectations.

The trading range for today is among the key support at 1.0495 and the key resistance at 1.0745.

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

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.0590 targeting 1.0675 and stop loss below 1.0540, might be appropriate.