Morning Report

The pair succeeded in achieving the suggested scenario yesterday flawlessly breaching the neckline at 1.2295, while the daily closing is above it although it stands as a temporary barrier for the bullish intraday channel in front of the pair's aspiration in attempting to push more due to negative signs appearing through momentum indicators. We could witness some fluctuation and slanting towards some minor bearish correction to retest the mentioned neckline, but the overall direction for todayis bullish; targeting next 1.2450 - 1.2500. It is vital that stability is achieve above 1.2215 for the expected upside movement to continue.

The trading range for today is among the key support at 1.2215 and the key resistance at 1.2500.

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

Previous Report Weekly ReportSupport1.22951.22151.21601.20851.2040Resistance1.23351.23851.24501.25001.2550RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.2295 targeting 1.2450 and stop loss below 1.2215, might be appropriate.