Morning Report

The pair stabilized trading above resistance line for the short term descending channel that insures the suggested scenario yesterday. The new ascending channel will organize the current bullish intraday trend, supporting our expectations of a bullish intraday direction; main targets start at 1.3800 - 1.3835. Keep in mind the importance of 1.3580 to remain intact to insure that the present bullish wave has continued.

The trading range for today is among the key support at 1.3580 and the key resistance at 1.3830.

The general trend is to the upside if we do not witness a daily closing 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 from 1.3670 targeting 1.3800 and stop loss below 1.3580, might be appropriate.