Morning Report

The pair is trading around the critical support mentioned yesterday at 1.4520 affected by the negative pressure from the bearish pattern shown above. We believe that the pattern's effect will be limited as the SMA 50 provides good support for the pair. On the other hand, Stochastic entered oversold areas signaling the near return to the intraday bullishness today which requires the breach and stability above 1.4550 and SMA 50 stability against any downside attempts.

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.

Weekly Report

RecommendationBased on the charts and explanations above we recommend buying the pair with hourly closing above 1.4540 targeting 1.4725 and stop loss below 1.4470 might be appropriate