Morning Report

The new ascending channel was able to help the pair exit its descending short term channel, shown above. Bearish momentum is appearing on the four hour chart which makes us expect minor bearish movement to retest breached pivotal resistance yesterday at 1.5185, followed by the bullish directionover short term basis; targets start from 1.5275 then 1.5365. Keep in mind the importance of 1.5115 remaining intact to insure the expected bullish direction for today prevails.

The trading range for today is among the key support at 1.5115 and the key resistance at 1.5365.

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 1.5185 targeting 1.5275 and stop loss below 1.55115, might be appropriate.