Morning Report

The pair stabilized above broken resistance shown above; this picture also shows that pivotal resistance is at 1.5125. The stability above broken resistance that has currently turned into support at 1.5055, forming the breached neckline mentioned yesterday. On the other hand, the main's resistance's stance - currently at 1.5125- will bring up doubts around a bullish intraday shown in yesterday's reports. From here, we recommend observing trading today where breaching 1.5125 could insure a direction towards achieving the bullish pattern's targets. Meanwhile, the breach of 1.5055 will bring back the bearish short term trend pace for the pair once again.

The trading range for today is among the key support at 1.4850 and the key resistance at 1.5270.

The short term trend is to the upside as far as 1.4850 remains intact with targets at 1.7000.

Weekly Report Previous Report

RecommendationBased on the charts and explanations above our opinion is to avoid trading and waiting more confirmation signs for the pair’s direction, might be appropriate.