Morning Report

The pair continued its upside trend yesterday touching resistance for the bullish channel once again that meets with 50% Fibonacci correction. Momentum indicators are still showing negative signs that maintain chances of a minor bearish correction intact, but in overall where we expect a bullish intraday trend; targeting 1.2975 mainly and require stability above 1.2610 to insure chances of achieving expectations.

The trading range for today is among the key support at 1.2610 and the key resistance at 1.2975.

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

Previous Report Weekly ReportSupport1.26801.26101.25801.25451.2505Resistance1.27701.28151.28401.28951.2940RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.2680 targeting 1.2760 and stop loss below 1.2610, might be appropriate.