Morning Report

The pair breached the upside channel's support level appearing in the image above and currently trading below the MA 50, where signs of a bearish technical pattern are appearing around 1.3575. This suggested pattern still needs a chain of trading before its completion. In return, momentum indicators are showing oversold signs that may push the pair upwards in an attempt to return within the bullish channel. This conflict in technical factors make us prefer observing trading today, specifically around critical levels between support 1.3575 and resistance 1.3775 - yesterday's retest level for the breached ascending channel's support level -, to insure the upcoming direction more clearly.

The trading range for today is among the key support at 1.3455 and the key resistance at 1.3860.

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 explanation above our opinion is observing the pair’s movement to insure its upcoming direction.