Morning Report

Main support 1.4850 showed a strong stance against the pair's attempts to descend and push to the upside hitting into resistance 1.4990. Signs of a bullish technical patternis under preparationat the current level, where it will encourage us to expect a bullish intraday direction; targeting 1.5100. Note the importance of 1.4850 remaining intact to maintain chances of achieving these expectations.

The trading range for today is among the key support at 1.4795 and the key resistance at 1.5195.

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 with the breach of 1.4990 targeting 1.5100 and stop loss below 1.4900, might be appropriate.