Morning Report

The pair consolidated between the resistance level at 1.4466, which push the pair to the downside yesterday and the value ofSMA 50 which keep the upside wave on intraday basis valid. Stochastic continued showing negative signs that affect bullishness. In general, stability aboveSMA 50 and the breached resistance- colored in red- are factors that make us expect an upside move for today but it requires breaching the level of 1.4455 and the stability above 1.4285.

Trading range for today is among the major support 1.4235 and the major resistance 1.4545.

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 for today.