Morning Report

The pair continued its upside movement to touch 1.2700 while keeping an eye on the narrow and gradual range of trading, where as we ascend it may form a bullish wedge within the current minor ascending channel shown above. This points out the possibility of the pair to move downwards to touch support ofthis channel around 1.2570, due to the negative signs appearing on the momentum indicators shown on the four-hour chart. We can expect a minor bearish followed by resuming the expected bullish intraday in overall; requiring trading above 1.2570. The breach of 1.2720 pushing the pair to the upside without the needfor touching the mentioned support.

The trading range for today is among the key support at 1.2570 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 ReportSupport1.26401.26101.25701.25051.2470Resistance1.27201.27801.28401.28951.2940RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.2570 targeting 1.2720 and stop loss below 1.2470, might be appropriate.