The pair succeeded in reaching our first detected technical objective at 1.5270 zones. Now, some kind of correctional movements are needed to relieve momentum indicators. We believe that, this correction might reach 38.2% Fibonacci from the last bullish wave at 1.5200, followed by resuming the upside rally ,which we think it will be the direction over intraday basis. Targets reside at 1.5345, followed by 1.5415 but areas of 1.5140 should hold to protect this scenario.

The trading range for today is among the key support at 1.5140 and the key resistance at 1.5415.

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

Weekly Report Previous Report

Support1.52001.51401.50751.50401.4970
Resistance1.52701.53151.53451.53801.5415
RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.5200 targeting 1.5345 and stop loss below 1.5140, might be appropriate.