Morning Report

The pair is in its third attempt in a row, where the pair was not able to achieve a daily closing below 1.3485; therefore pushing it to make us expect a bullish intraday rebound direction. Signs of a bullish technical pattern, where its neckline is at 1.3655 and chances of it being breached remain intact; thus we await achieving the technical targets around 1.3800 mainly - resistance for the main descending channel -. The expected ascend requires the four hours above 1.3585.

The trading range for today is among the key support at 1.3485 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 1.5150.

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RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.3655 targeting 1.3800 and stop loss below 1.3585, might be appropriate.