Morning Report

The 50% correction limited further declines for the pair to result in a rebound to the upside targeting the resistance level at 1.4670, which we think will cause volatility, as momentum indicators continue to pressure the pair to the downside. We believe the pair is to fluctuate between 1.4600 and 1.4670 to gather enough bullish momentum to breach the above mentioned resistance level and incline on the intraday basis; targeting initially 1.4845 as far as 1.4440 remains intact.

The trading range for today is among the key support at 1.4440 and the key resistance at 1.4845

The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000

RecommendationBased on the charts and explanations above, our opinion is buying the pair with the breach of 1.4670 to 1.4845 and stop loss below 1.4595 might be appropriate.