Morning Report

The pair is trading near the descending channel's resistance level around 1.3730, where it is finding positive support since yesterday and within our previous reports. According to the image above, the bullish technical pattern's neckline met with pivotal resistance around 1.3730; thereby, offering a strong chance to resume the breach of this downside channel. We expect a bullish intraday direction, as long as two factors are achieved; first, a clear breach of 1.3730 and the second is stability above 1.3660.

The trading range for today is among the key support at 1.3565 and the key resistance at 1.3960.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.3730 targeting 1.3835 and stop loss below 1.3665, might be appropriate.