Morning Report

After the 76.4% Fibonaccilevel showed a strong stance in front of the pair's upside movement, the pair descended to near support for the bullish channel that organizes the correction trend that has started near the bottom at 1.1874. SMA has met with support for this channel at 1.3110, alongside the clear oversold signs appearing on Stochastic; therefore, we expect a bullish intraday starting its targets at 1.3250 in an attempt to insure a breach of more bullish short term direction. Keep in mind the importance of breaching 1.3110 and building a base below it will weaken chances of achieving more bullish movement.

The trading range for today is among the key support at 1.3025 and the key resistance at 1.3325.

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

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.3110 targeting 1.3250 and stop loss below 1.3025, might be appropriate.