Morning Report

The pair is trading within a narrow range since yesterday, while some bearish sideways movement is expected and will carry the pair towards to stabilize on SMA - valued around 1.4145 -. In overall, trading continued within the key upside channel, alongside the last breach of the minor downside channel's resistance that are factors that make us expect a bullish intraday direction that starts technical targets 1.4280, while requiring stability above 1.4090.

The trading range for today is among the key support at 1.4090 and the key resistance at 1.4350.

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 1.4145 targeting 1.4280 and stop loss below 1.4050, might be appropriate.