Morning Report

The pair was unable to build a base above 1.3400 after resuming yesterday's ascend around 1.3430, where it was able to bearishly reverse as the MA 50 found strong support in front it witnessing more downside movement. Stochastic entered oversold areas and thereby maintaining the validity of the expected bullish intraday direction intact, but keep in mind the importance of stabilizing above 1.3245 to insure that these expectations will prevail. The breach of this level holds the keys to pushing the pair towards more bearish activity that may reach 1.3080 initially.

The trading range for today is among the key support at 1.3080 and the key resistance at 1.3570

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 1.3265 targeting 1.3365 and stop loss below 1.3200, might be appropriate.