Morning Report

The pair faced strong resistance at the first target achieved yesterday - 1.5130 - where some bearish correction will make positive momentum to appear currently through momentum indicators. Signs of a bullish technical pattern are forming, where its neckline is at 1.5130, where we expect a breach of this level to pave the way to reach the possible bullish direction for today; upcoming targets are around 1.5270. The main factor in achieving this ascend is represented in trading remaining above 1.4940.

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 1.5005 targeting 1.5130 and stop loss below 1.4940, might be appropriate.