Morning Report

Pivotal resistance 1.3860 forced the pair to reverse to the downside to near the retest level for the broken resistance level around 1.3715, while stochastic gets rid of the negative momentum to enter oversold areas; whereas the MA 50 is providing the pair good support. Hence, we expect a bullish intraday direction starting initial targets by attacking 1.3860, then paving the way towards 1.4000. It is vital to stabilize above 1.3715 in order to resume expectations.

The trading range for today is among the key support at 1.3610 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.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.3715 targeting 1.3860 and stop loss below 1.3610, might be appropriate.