Morning Report

The pair is still trading sideways as shown above, while stability below the support of the minor ascending channel shown above signals more downside movement to stabilize on the first correction at 23.6% Fibonacci at 1.4725. The SMA 50 resides at the mentioned correction which provides more support and accordingly we expect an intraday upside move today targeting 1.5000 and require stability above 1.4725.

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.

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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