Morning Report

The pair almost managed to achieve the key awaited target from yesterday at 1.2420, but support levels have halted this ascend - 38.2% Fibonacci and the minor ascending channel in addition to the MA 50 accompanied by overbought signson Stochastic -. These factors could push the pair to touch support for the ascending channel and then rebound to the upside so the pair may achieve through it a bullish intraday trend; targeting 1.2480 mainly and requiring stability above 1.2150.

The trading range for today is among the key support at 1.2150 and the key resistance at 1.2480.

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

Previous Report Weekly ReportSupport1.22401.22051.21501.21251.2060Resistance1.23601.24201.24801.25451.2615RecommendationBased on the charts and explanations above our opinion is buying the from 1.2240 targeting 1.2360 and stop loss below 1.2150, might be appropriate.