Morning Report

The pair rushed higher approaching 1.4900 with signs of a minor ascending channel organizing intraday trading. Momentum indicators are trading in overbought areas which might increase the volatility with some downside tendency. In general, we expect further intraday bullishness today targeting the psychological 1.5000 areas. Breaching 1.4750 will opened the door for the downside correction towards 1.4635before resuming the bullishness.

The trading range for today is among the major support at 1.4750 and the major resistance at 1.5150.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above we recommend buying the pair around 1.4795 targeting 1.4995 and stop loss below 1.4700 might be appropriate