Morning Report

The pair managed to breach the neckline shown in our reports yesterday at 1.2430, while pushing towards the upside to closely near the main key target at 1.2570. This confirms natural trading within the descending channel will continue; therefore, we expect to target resistance levels at 1.2950. Some bearish correction is expected due to negativity from momentum indicators, but in overall a bullish intraday trend is expected; targeting 1.2785 initially and requires 1.2470 to remain intact.

The trading range for today is among the key support at 1.2470 and the key resistance at 1.2785.

The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.

Previous Report Weekly ReportSupport1.25701.25501.24701.24301.2410Resistance1.26451.27001.27451.27851.2840RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.2570 targeting 1.2745 and stop loss below 1.2470, might be appropriate.