Morning Report

The pair touched levels around 1.4200 finding a hard time to stabilize due to stochastic, where this negativity could cause some fluctuation and retest the stability on SMA - presently around 1.4090 - before continuing the expected intraday direction since targets are initial around 1.4350. Note that the breach of support levels between 1.4075 - 1.4050 could cause more bearish movement towards 1.3955 initially.

The trading range for today is among the key support at 1.4050 and the key resistance at 1.4365.

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 around 1.4090 targeting 1.4240 and stop loss below 1.4000, might be appropriate.