Morning Report

The pair succeeded in achieving the first target perfectly at 1.5130, where we notice that the bullish wave is currently stabilizing within the minor ascending channel, shown in the image above. We expect normal trading within this channel, where the pair will build a base through it on the current support at 1.5030, followed by the expected bullish trend resumption over an intraday basis; heading towards 1.5190 then 1.5270. Keep in mind that negative signs appearing on Stochastic might negatively pressure the pair, however, the expected bullish trend will remain intact if trading prevails above 1.4960.

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 1.5030 targeting 1.5190 and stop loss below 1.4960, might be appropriate.