Morning Report

The pair continues its upside push within the ascending channel shown in our previous reports, due to the effect of yesterday's breached bullish technical pattern at 1.2325. Momentum indicators are showing some negativity that may cause somekind of fluctuation, revisiting the built base on support for the upside channel at 1.2360 before heading towards resuming the expected bullish intraday trend; upcoming key targets start at 1.2510 then 1.2565. Keep in mind that the daily closing must remain above 1.2325 to maintain chances of achieving expectations.

The trading range for today is among the key support at 1.2300 and the key resistance at 1.2565.

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

Previous Report Weekly ReportSupport1.23601.23001.22501.22151.2165Resistance1.24301.24701.25001.25601.2615RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.2360 targeting 1.2500 and stop loss below 1.2300, might be appropriate.