Morning Report

The pair rebounded to the upside despite the overbought signs seen on momentum indicators, but the breach of the main resistance of the downside movement in addition to the stability above 1.2875 is sufficient for us to expect the upside move to extend further. The exponential moving averages are positive. The level of 1.3005-35 is our primary target, while a breach of this level could support the pair to rest areas around 1.3135-95.

The trading range for today is among the major support at 1.2795 and the major resistance at 1.3195.

The short-term trend is to the downside with steady daily closing below 1.3145 targeting 1.2220.

**New York Candlesticks**

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above, our opinion is buying the pair around 1.2955, and taking profit in stages at (1.3005 and 1.3135) and stop loss with 4-hour closing below 1.2870 might be appropriate today