Morning Report

The pair has attempted to breach pivotal support 1.2240, but was not able to build a base below it to push to the upside to achieve yesterday's awaited targets flawlessly, as it currently stabilizes at the mentioned targets 1.2330. The last four-hour closing that stood at 1.2330; therefore, we need to insure stability above this level to insure discontinuing the previously shown bearish technical pattern. The upward slant and trading aboveSMA 50 are factors that make us expect a bullish intraday trend that will start with the breach of 1.2350 targeting mainly 1.2455. Keep in mind that the inability to breach the mentioned level will push the pair to descend to complete the bearish direction, where its targets at 1.2240 then 1.2170.

The trading range for today is among the key support at 1.2170 and the key resistance at 1.2470.

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

Previous Report Weekly ReportSupport1.23301.22801.22401.22151.2170Resistance1.24001.24551.25001.25651.2615RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.2350 targeting 1.2455 and stop loss below 1.2280, might be appropriate.