Morning Report

The pair stabilized below 1.3590 in an attempt to cover the gap previously achieved, where the MA 50 continues protecting the bullish trend shown in yesterday's reports. Momentum indicators are giving off positive signs, which encourage us to expect a bullish intraday trend that requires stability above 1.3590 then head towards 1.3700 as a first target. It is vital that 1.3500 remain intact to achieve these expectations.

The trading range for today is among the key support at 1.3405 and the key resistance at 1.3700.

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

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RecommendationBased on the charts and explanations above our opinion is buying the pair above 1.3590 targeting 1.3700 and stop loss below 1.3500, might be appropriate.