Morning Report

The pair managed to breach support for the bearish intraday trend, where signs of a bullish technical pattern near completion are appearing. These signs encourage us to expect a rebound in direction to the upside that will start with a clear breach of the suggested neckline around 1.3380 and head towards 1.3480 as a key target. These expectations require trading to remain above 1.3290 to prevail.

The trading range for today is among the key support at 1.3280 and the key resistance at 1.3500.

The short term trend is to the downside as far as 1.4410 remains intact with targets at 1.2450.

Previous Report Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.3380 targeting 1.3480 and stop loss below 1.3290, might be appropriate.