Morning Report

The pair closed yesterday above the downside correctional channel's resistance shown above, which keeps the chances for the pair valid to achieve yesterday's proposed bullishness, especially that the pair is approaching oversold areas. On the secondary image we can see a minor downside technical pattern, which may cause the retest of 1.4440 area before rebounding again to the upside. We expect an intraday upside move with targets at 1.4700, which requires stability above 1.4440.

The trading range for today is among the major support at 1.4375 and the major resistance at 1.4700.

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 1.4440 targeting 1.4585 and stop loss below 1.4340 might be appropriate today