Morning Report

Pivotal support 1.5555 showed strong stance against the pair's attempts to descend to return the to the pace of a bullish intraday direction once again, while the current price confronts resistance for the descending channel at 1.5705. Meanwhile, trading continues sideways, as Stochastic seems to be showing negative signs that might impede the breaching process for the current resistance level. On the overall, we expect a bullish intraday direction which will be activated with the breach of pivotal resistance 1.5705 - 1.5745 and head towards main targets that start at 1.5900. The breach of 1.5555 will make the expected scenario fail.

The trading range for today is among the key support at 1.5465 and the key resistance at 1.5900.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.

Previous Report Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.5745 targeting 1.5900 and stop loss below 1.5640, might be appropriate.