Morning Report

The bullish technical pattern that was shown yesterday hasconfirmed its completion as the pair is approaching its primary awaited targets around 1.5270. the negative momentum appearing through momentum indicators could force the pair to attempt some bearish correction to retest 1.5125 before resuming the expected bullish direction over intraday basis towards the technical objectives of 1.5270 then 1.5345. A break of 1.5125 will make chances of a bearish trend appearing possible again.

The trading range for today is among the key support at 1.5070 and the key resistance at 1.5345.

The short term 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 1.5125 targeting 1.5270 and stop the four hour loss below 1.5060, might be appropriate.