Morning Report

The pivotal support of 1.3525 continued pushing the pair upwards crossing out attempts of a bearish direction. The pair is currently facing resistance for the descending channel at 1.3665; however, due to the bearish momentum's weakness we expect a bullish intraday direction that will start with the breach of 1.3665 and targets 1.3735 then 1.3800. Keep in mind that the breach of 1.3525 will cross out these expectations and return the previous bearish direction scenario.

The trading range for today is among the key support at 1.3430 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 1.3665 targeting 1.3800 and stop loss below 1.3600, might be appropriate.