Morning Report

The pair reversed before touching the retest level awaited at 1.0425 to stabilize above the MA 50, currently valued at 1.0555. We may witness some minor bearish correction for yesterday's bullish wave, but in overall we can expect a bullish intraday direction; targeting initially resistance for the bullish short term channel around 1.0720 that requires stability above 1.0500 so it may prevail.

The trading range for today is among the key support at 1.0500 and the key resistance at 1.0720.

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 1.0555 targeting 1.0655 and stop loss below 1.0490, might be appropriate.