Morning Report

The pair was able to surpass 1.2600 to achieve its highest level yesterday around 1.2660, but due to the negative pressure on the pair to attempt some bearish correction; therefore we can expect to build a base on 1.2540 - 23.6% Fibonacci from the last ascend that started from 1.2150- beforeresuming the bullish direction overintraday basis. The key targets are around 1.2780, but keep in mind that the breach of 1.2470 holds the keys to make our suggested scenario fail.

The trading range for today is among the key support at 1.2470 and the key resistance at 1.2780.

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

Previous Report Weekly ReportSupport1.25401.25051.24701.24001.2370Resistance1.26051.26701.27001.27451.2780RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.2540 targeting 1.2670 and stop loss below 1.2470, might be appropriate.