Morning Report

The pair is trading within a tight range but it is clear that it is trending upwards. It stabilized above the previous broken resistance of the bearish channel and thus, we hold onto our positive anticipations over intraday basis. Chances of witnessing some kind of fluctuation exist to retest the minor resistance-current support- at 1.3240 before reaching the technical targets around 1.3365, followed by 1.3500. The stability above 1.3150 is required to achieve these expectations.

The trading range for today is among the key support at 1.3150 and the key resistance at 1.3500.

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 1.3240 targeting 1.3365 and stop loss below 1.3150, might be appropriate.