Morning Report

The pair has achieved one more daily closing above the initial resistance of 1.3225-1.3230 suggesting that the bullishness will continue over intraday basis. SMA 100 becomes a technical objective followed by the next key resistance around 1.3415 zones. Stochastic also remains positive reinforcing our constructive outlook. Only a break below 1.3125 will give us a reason for concern.

The trading range for today is among key support at 1.3045 and key resistance at 1.3455.

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.