Morning Report

The pair continues trading within the current ascending channel, while the retest level 1.5380 remains intact. The pair is gradually riding of negative momentum and therefore maintains bullish expectations intact. We see that the expected direction for today is bullish over an intraday basis; targeting 1.5555 then 1.5665 and requires the four hour closing to remain above 1.5380.

The trading range for today is among the key support at 1.5345 and the key resistance at 1.5665.

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 1.5380 targeting 1.5505 and stop loss below 1.5340, might be appropriate.