Morning Report

The pair consolidated above 1.4150 and approached retesting the breached support for the ascending channel, now resistance, at 1.4415. There are still mixed technical signals for the direction, where Stochastic supports the upside move and settling for the seen correction at 38.2% while SMA 50 is biased to the downside affected by trading outside the channel shown above. Therefore, we will observe the pair today and especially the daily closing around the critical levels mentioned to attain a clear signal for the coming move.

The trading range for today is among the major support at 1.3980 and the major resistance at 1.4455.

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

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RecommendationBased on the charts and explanations above we recommend observing trading today awaiting more confirmations