Morning Report

The first mission for the pair is returning within the ascending intraday channel that has been achieved, where currently it is returning within the short term bullish trend from the previously breached main upside channel that has presently turned into resistance at 1.3435, preventing the pair from resuming more bullish activity yesterday. We might witness some negative pressure from momentum indicators and bearish correction before heading towards achieving more expected bullish intraday movement; initially targeting 1.3600. Note the importance of building a base above 1.3280 - 1.3240 in order to maintain chances of resuming this scenario.

The trading range for today is among the key support at 1.3240 and the key resistance at 1.3625.

The short term trend is to the upside as far as 1.2795 remains intact with targets at 1.5135.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.3340 targeting 1.3520 and stop loss below 1.3240, might be appropriate.