Morning Report

The pair breached the critical resistance at 1.4520 with attempts to consolidate above it. Momentum indicators provided negative signals that might cause volatility around this level that turned into support. In general, we expect the intraday bullishness to prevail today supported by the SMA 50 and trading within the main ascending channel. Breaching areas of 1.4520 will delay the upside move that initially targets 1.4725.

The trading range for today is among the major support at 1.4400 and the major resistance at 1.4725.

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

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Weekly Report

RecommendationBased on the charts and explanations above we recommend buying the pair around 1.4520 targeting 1.4725 and stop loss below 1.4400 might be appropriate