Morning Report

The pair found a hard time stabilizing above the previously breached support level seen in the image above; thereby the pair is wedged below this breached support and above the bearish correctional channel's previously broken resistance level. On the other hand, intraday trading is within the ascending channel highlighted in the minor image since we think that this channel has the ability to push the pair towards breaching pivotal resistance, currently ascending towards 1.3860 and then return strongly within the bullish trend. This channel supports the MA 50. We expect a bullish intraday direction, while noting the importance that the two factors resume in order for the scenario to prevail; first, a clear breach of 1.3860 and the second is stabilizing above 2.3730 - 1.3710.

The trading range for today is among the key support at 1.3665 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.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.3730 targeting 1.3890 and stop loss below 1.3665, might be appropriate.