Morning Report

The pair continued it's sideway trading shown in the image above, after the retest level 1.5125 held its stance, where chances of completing a bullish technical pattern are near as its neckline meets with resistance for the sideway range around 1.5300. From here, we expect a bullish intraday trend for the remainder of trading; targeting levels 1.5400 - 1.5475 and requires the four-hour closing to remain above 1.5180.

The trading range for today is among the key support at 1.5125 and the key resistance at 1.5475.

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 with the breach of 1.5300 targeting 1.5475 and stop loss below 1.5180, might be appropriate.