Morning Report

The pair breached the support for the ascending channel mentioned yesterday, and that is considered the beginning of the downside correction of the bullish wave shown above. Momentum indicators are positive supporting the 23.6% Fibonacci correction and accordingly it might settle for this level. In general we recommend observing trading today especially around critical areas at 1.4135 support and 1.4300 resistance for more confirmations.

The trading range for today is among the major support at 1.4135 and the major resistance at 1.4365.

The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

RecommendationBased on the charts and explanations above our opinion is observing the pair for more confirmations