Morning Report

The pivotal support level 1.4345 - 1.4340 maintains its stance in front of the pair's attempts to descend, where it has started to form a possible neckline for the bearish technical pattern that is completed. Due to the effect of the minor descending channel which controls intraday trading, we expect a breach of this level to pave the way towards the expected bearish direction over an intraday basis; targeting first 1.4230. This scenario first requires a clear breach of the mentioned level as well as stability below 1.4420 to prevail.

The trading range for today is among the key support at 1.4155 and the key resistance at 1.4460.

The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.

Previous Report Weekly ReportSupport1.43401.42951.42301.41951.4155Resistance1.44201.44601.45301.46001.4640RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.4345 targeting 1.4415 and stop loss below 1.4295, might be appropriate.