Morning Report

The pair entered once again into yesterday's breached ascending channel in an attempt to bearishly correction, while we await to touch 38.2% Fibonacci at 1.5225 that is considered also a retesting actionfor the previouslybrokenneckline shown in our previous reports. Stochastic still has some negative momentum to rid of and this is expected to touch mentioned support, followed by a possible bullish rebound that the pair will achieve through it a bullish direction over a short term basis; targets are mainly at 1.5475 and essentially require 1.5130 to remain intact for any chances to prevail.

The trading range for today is among the key support at 1.5130 and the key resistance at 1.5525.

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 1.5225 targeting 1.5345 and stop loss below 1.5130, might be appropriate.