Morning Report

Despite of the decline that the pair witnessed yesterday, we see the pair has remained stabilizing within the narrow range for the ascending channel that is trying to help the pair to exit the overall descending channel. We still see that there is still a possibility of a bullish trend heading upwards and trading remaining above main support for the minor ascending channel at 1.3610.Stochastic is showing a bullish rebound, whereas ADX is about tomake a positive crossover between D+ and D- lines; where these technical facts seem to insure our expectations for today.

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 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 from 1.3680 targeting 1.3850 and stop loss below 1.3580, might be appropriate.