Morning Report

The pair is attempting to breach the support for the minor ascending channel shown above, which might push the pair to move to the downside in correction due to the negativity on Stochastic. We believe that this correctional move will base on 1.4725 which resides with the SMA 50 and then reverse higher to resume the intraday bullishness expected for today targeting the psychological 1.5000 areas. Breaching 1.4725 areas will extend the downside correction and delay the upside targets awaited.

The trading range for today is among the major support at 1.4630 and the major resistance at 1.5000.

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 1.4725 targeting 1.4880 and stop loss below 1.4615 might be appropriate