Morning Report

The pair continues its negative pressure from the previously breached resistance level around 1.5295, which has currently turned into support as we await the pair to push upwards, supported by the positive signs coming from momentum indicators. From here, we see that the direction for today is bullish that will first target 1.5380 to pave the way towards 1.5500. These expectations require the four hour closing to remain above 1.5295.

The trading range for today is among the key support at 1.5190 and the key resistance at 1.5555.

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 1.5295 targeting 1.5455 and stop loss below 1.5190, might be appropriate.