Morning Report

The pair is trading near support for the bullish channel which is ascending towards 1.3145, whileSMA 50 supports this channel. This support's stance encourages us to expect a bullish intraday trend; targeting once again pivotal resistance 1.3250 in an attempt to breach and head towards 1.3400 as the next initial target. Keep in mind that the breach of 1.3115 will weaken chances of achieving the expected ascend for today and lead to a direct downside towards levels below 1.3000. It is vital to be cautious when trading today due to the awaited US unemployment data for today.

The trading range for today is among the key support at 1.3025 and the key resistance at 1.3400.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.3155 targeting 1.3250 and stop loss below 1.3085, might be appropriate.