Morning Report

The pair's trading is still wedged within the bullish technical pattern, where its nature points to a close breach of its resistance that is currently at 1.3405. Momentum indicators are showing positive signs that support this bullish pattern; therefore, we can expect a bullish intraday trend that will start with the breach of mentioned resistance and head towards 1.3480 then 1.3570. These expectations require stability to remain above 1.3345 to prevail.

The trading range for today is among the key support at 1.3295 and the key resistance at 1.3590.

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

Previous Report Weekly ReportSupport1.33451.32951.32401.31951.3115Resistance1.34051.34801.35701.35901.3635RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.3405 targeting 1.3500 and stop loss below 1.3345, might be appropriate.