Morning Report

The pair was able to achieve yesterday's awaited ascending actionsto touch the primary target around 1.2670, where it continues to move within the minor bullish channel shown in the image above. Some minor bearish correction is expected due to the negativity of momentum indicators, where we expect the pair to touch 1.2610 before continuing the bullish intraday trend; the main target is around 1.2780. Keep in mind that the breach of 1.2540 could postpone achieving the suggested bullish targets.

The trading range for today is among the key support at 1.2470 and the key resistance at 1.2840.

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

Previous Report Weekly ReportSupport1.26101.25401.25051.24701.2400Resistance1.26701.27001.27451.27801.2840RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.2610 targeting 1.2780 and stop loss below 1.2540, might be appropriate.