Morning Report

The pair pushed strongly to the upside nearing the retest level for the breached support level for the ascending channel, shown above, after the 50% correction for now has had enough of this bullish wave. Momentum indicators are entering overbought areas, which could addstrength to resistance 1.5395 - the gate to return to the ascending channel -. We recommend observing today's trading; especially the resistance areas of 1.5395 and support levels of1.5270 since breaching one of these levels will insure the pair's upcoming intraday direction.

The trading range for today is among the key support at 1.5215 and the key resistance at 1.5480.

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

Previous Report Weekly ReportSupport1.52701.52151.51901.51601.5125Resistance1.53501.53951.54351.54751.5500RecommendationBased on the charts and explanations above our opinion is to avoid trading awaiting more confirmation signs for the pair’s direction, might be appropriate.