Morning Report

The pair continues the upside to the sideways inching close to critical resistance for intraday trading around 1.4280 - the top previously recorded on the fourth of November 2010 -. SMA continues supporting the upside wave within the upside channel appearing above, thereby we expect a bullish intraday direction that could be followed by some fluctuation and minor bearish slant due to the negativity of momentum indicators. Stability above 1.4095 is vital to insure that bullish expectations are not postponed.

The trading range for today is among the key support at 1.4050 and the key resistance at 1.4420.

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.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.4150 targeting 1.4280 and stop loss below 1.4095, might be appropriate.