Morning Report

The pair continues its negative pressure to attempt to retest resistance for the previouslybroken descending channel that had recently turned into support at 1.3660. Momentum indicators are entering oversold areas, thus;encouraging us to expect a bullish direction today over a short term trend that targets 1.3850 mainly and requires the four hour closing to remain above 1.3635.

The trading range for today is among the key support at 1.3525 and the key resistance at 1.3850.

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 1.3660 targeting 1.3780 and stop loss below 1.3580, might be appropriate.