Morning Report

The pair was not able to achieve the daily closing below 1.3485; thus pushing it to sharply ascend andapproach thepivotal resistance of 1.3655, where a bullish technical pattern could change expectations of an intraday direction to the upside. Current expectations of stabilizing above the MA 50 encourage us to expect a bullish intraday trend in overall; starting with the breach of the mentioned resistance and heading towards 1.3770 then 1.3850. Keep in mind that the breach of 1.3510 will make expectations fail.

The trading range for today is among the key support at 1.3440 and the key resistance at 1.3800.

The general trend is to the upside if we do not witness a daily close below 1.3485 with targets at 1.6000.

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RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.3655 targeting 1.3770 and stop loss below 1.3550, might be appropriate.