Morning Report

The pair maintained stability above critical 1.3715 after successfully retesting this breach and inch closer to pivotal resistance for the short term trend around 1.3860. The breach of this level will activate the bullish technical pattern and lead to more expected bullish intraday movement, targeting initially 1.4000 then 1.4280. The MA 50 supports the expected bullish wave, while momentum indicators are showing some fluctuations according to its negativity. In overall, chances of resuming the upside will remain valid as long as stability is above 1.3715.

The trading range for today is among the key support at 1.3715 and the key resistance at 1.4000.

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.

RecommendationBased on the charts and explanations above our opinion is buying the pair with an hourly closing above 1.3860 targeting 1.4100 and stop loss below 1.3715, might be appropriate.