Morning Report

The daily closing above the initial resistance of 1.3225-1.3230 succeeded in drawing a bullish candlestick pattern-long white candlestick- as seen on the provided daily chart. Now, SMA 100 at 1.3335 followed by 1.33.75 become technical objectives for the upside momentum seen yesterday. Moreover, Stochastic has fixed its negative sign seen during the past 10 days. In result, potential upside move might be witnessed today but we should be careful as a break back below 1.3125 will bring the negative picture back into focus.

The trading range for today is among key support at 1.3045 and key resistance at 1.3415.

The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 areas remain intact.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 1.3230 targeting 1.3375 and stop loss below 1.3125 might be appropriate.