Morning Report

The pair managed to build a base on support for the main descending channel - currently at 1.5440 - to head towards attacking pivotal resistance at 1.5555. Momentum indicatorsshow bullish signs that we think have the potential to push the pair to ascend, achievinga possible bullish trend over an intraday basis, which will start with the breach of theaforesaid resistance and mainly target 1.5740 then 1.5800. Expectations of a bullish direction will remain intact as long as the daily close remains above 1.5440.

The trading range for today is among the key support at 1.5345 and the key resistance at 1.5740.

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

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RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.5555 targeting 1.5740 and stop loss below 1.5440, might be appropriate.