Morning Report

The pair consolidated on the 50 EMA which formed a support that pushed the pair to the upside, the pair is approaching toward the breached 23.6% Fibonacci retracement level which turned into resistance at 1.4455, breaching this level will open the door toward continuation of the intraday upside move today, targeting 1.4650. Stochastic negativity may make it more difficult for the pair to rise, while stability above 1.4290 is important to achieve these expectations.

Trading range for today is among the major support 1.4290 and the major resistance 1.4650

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

RecommendationRecommendation based on the charts and explanations above we recommend buying the pair with hourly closing above 1.4455, targeting 1.4650 and stop loss below 1.4335 might be appropriate.