Morning Report

We negated our negative expectations and turned positive in our previous report, where we expected the positivity to return after the pair reached around 1.3665 again, which supported the pair's positive momentum. Currently, the pair is trading positively above the Simple Moving Average 20, in attempts to breach 38.2% Fibonacci correction. A breach of this correction at 1.3720 could support the pair to extend the upside move, despite the fact that Stochastic is within overbought areas, where consolidation above 1.3665 support our positive expectations to remain valid.

The trading range for today is among the major support at 1.3320 and the major resistance at 1.3900

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 buying the pair around 1.3680, and take profit in stages at (1.3760 and 1.3800) and stop loss below 1.3590 might be appropriate.