Morning Report

The pair declined sharply yesterday to retest the previously breached resistance, which currently resides at 1.4975, as seen on the provided chart. We still see that the bearish targets have not been completed, at 1.4810 major support; thereby, we expect a slight upside correction before resuming the awaited downside move. It is important to note that breaching the mentioned support at 1.44890 will accelerate the downside move and invalidates the potential for an upside correction.

The trading range for today is among the key support at 1.4800 and the key resistance at 1.5150.

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 from 1.4915 to 1.5050 and stop loss below 1.4810 might be appropriate