Morning Report

The pair inched closer to the awaitedretesting resistance for the previously breached channel and is rebounding to the upside due to effects from the completion of the bullish technical pattern shown above. This makes us hold onto yesterday's expectations of a continuous bullish intraday direction for today; requiring the breach of 1.3515 and trading intactbelow 1.3380 to prevail.

The trading range for today is among the key support at 1.3380 and the key resistance at 1.3690.

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

Previous Report Weekly ReportSupport1.34651.33801.33351.32801.3240Resistance1.35151.35901.36351.36651.3700RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.3515 targeting 1.3635 and stop loss below 1.3465, might be appropriate.