Morning Report

The negative pressure from yesterday forced the pair to descend to retest the previously breached downside channel, according to the image above. Stochastic has currently gotten rid of the negative momentum and thus we expect that a chance of resuming the expected short term bullish direction, where we now initially target first surpassing critical resistance 1.3715. Note that breaching 1.3570 and stabilizing below it weakens chances of resuming the expected scenario.

The trading range for today is among the key support at 1.3425 and the key resistance at 1.3825.

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 1.3570 targeting 1.3715 and stop loss below 1.3470, might be appropriate.