Morning Report

The pair is trading within a descending channel, shown in the image above, in an attempt to achieve the previously breached bearish technical pattern at 1.5830. After touching support for this channel, we expect a possible bullish trend that will first target pivotal resistance 1.5345 then head towards the next main target, followed by 1.5475. Keep in mind that the breach of 1.5170 will pave the way to resume a bearish trendwithout needforbullishly correct as expected.

The trading range for today is among the key support at 1.5170 and the key resistance at 1.5475.

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 1.5345 targeting 1.5475 and stop loss below 1.5235, might be appropriate.