Morning Report

The pair continued negatively pressuring to touch the retest level 1.3860 touching the MA 50 that adds additional strength to this support. Stochastic is showing oversold signs, alongside the upside trend making us expect a bullish intraday direction starting initial targets around 1.4000 then attempt to stabilize above this strong psychological barrier. Note the breach of 1.3860 postpone the awaited targets to lead to revisiting the upside channel's support level, seen on the chart above.

The trading range for today is among the key support at 1.3775 and the key resistance at 1.4100.

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 1.3860 targeting 1.4000 and stop loss below 1.3775, might be appropriate.