Morning Report

Yesterday's closing was above the MA 50 at 1.4325 supporting the attempts to test areas between 23.6% correction at 1.4455 and possible the main resistance for the minor descending channel at 1.4535. Stochastic proved the strength of the upside signal and the effect on the pair, while the RSI is stable above 50 supporting our expectations for an upside move today. Returning below 1.4260 weakens the upside wave and breaching 1.4205 revives the bearishness.

The trading range for today is among the major support at 1.4135 and the major resistance at 1.4565.

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 1.4350 targeting 1.4455 and 1.4535 and stop loss with four-hour closing below 1.4260 might be appropriate