Morning Report

The pair succeeded in achieving the awaited target since yesterday at 1.3840, hitting into the MA50 and is trading within the minor ascending channel, shown above.Stochastic is showing negative signs that might pressure the pair to achieve the possible bearish intraday direction, which will be activated if 1.3705 is breached. The expected targets are around 1.3585, keeping in mind that, a break of1.3825 areaswill pave the way to achieve more bullish correction.

The trading range for today is among the key support at 1.3550 and the key resistance at 1.3840.

The general trend is to the upside as far as 1.3480 remains intact with targets at 1.6000.

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RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.3705 targeting 1.3585 and stop loss above 1.3795, might be appropriate.