Morning Report

The pair started its gradual descend naturally within the upside intraday channel shown yesterday, in an attempt to build a base on its support level around 1.2160 currently. Stochastic is gradually losing negative momentum and nearing oversold areas; therefore, we think that the expected direction for today is bullish, supported by the bullish technical pattern that is currently being formed where its suggested neckline is at 1.2295. Targets have started attacking the mentioned neckline and then head towards 1.2430. It is vital to maintain chances of achieving the awaited ascend for today.

The trading range for today is among the key support at 1.2085 and the key resistance at 1.2430.

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

Previous Report Weekly ReportSupport1.21601.20851.20401.20001.1945Resistance1.22951.23351.23601.24301.2480RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.2160 targeting 1.2295 and stop loss below 1.2085, might be appropriate.