Morning Report

The pair stabilized above the main upside channel's support shown above, and trading above 50% Fibonacci correction. These factors in addition to the positive momentum shown on the daily time frame drive us to suggest some intraday upside today, but we should pay attention for the current sensitive trading that can define the intraday and the short-term outlook. A breach of 3975 support will extend the downside move while breaching 1.4150 to the upside signals the resumption of the general upside move.

The trading range for today is among the major support at 1.3850 and the major resistance at 1.4170.

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

Weekly Report

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RecommendationBased on the charts and explanations above we recommend buying the pair with hourly closing above 1.4010 targeting 1.4150 and stop loss below 1.3915 might be appropriate