Morning Report

The pair moved to the upside yesterday and currently still stable below EMA 50 at 1.4325 and still within the minor descending channel, yet the pair returned to stabilize above the 38.2% correction shown above. Stochastic is attempting to confirm the upside reversal while RSI is still below 50 and unable to breach it. There are two conflicting signals and accordingly we remain neutral today awaiting more confirmations for either of the directions, while returning below 1.4205 supports the negativity.

The trading range for today is among the major support at 1.4085 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.

Previous Report

Weekly Report

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