Morning Report

The pair returned to trade within the previously breached descending channel above support 1.5000, after holding its pivotal support's overall direction -1.4850-. The bullish technical pattern has been completed, where there still are some targets that have not been achieved yet. As a result, we see that the expected direction for today is bullish; next targetsresideat 1.5130 then 1.5270. The breach of 1.5000 will weaken chances of achieving these expectations.

The trading range for today is among the key support at 1.4850 and the key resistance at 1.5270.

The general trend is to the upside as far as 1.4850 remains intact with targets at 1.7000.

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RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.5000 targeting 1.5130 and stop loss below 1.4900, might be appropriate.