Morning Report

After insuring the breach of the bullish technical pattern from yesterday, the pair managed to achieve a gradual ascend in an attempt to reach main resistance 1.5215. Stochastic is showing negative signs that could pressure the pair to retest the breached 1.4990, before resuming the expected bullish intraday direction, which will remain intact if we do not witness a clear breach of 1.4950.

The trading range for today is among the key support at 1.4920 and the key resistance at 1.5215.

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 1.4990 targeting 1.5100 and stop loss below 1.4900, might be appropriate.