Morning Report

The pair closely neared touching yesterday's awaited target at 1.4530, where it rebounded to the upside as the pair continues moving gradually within the ascending channel, shown in the image above, due to the positivity of the stochastic. These factors make us expect the pair to head towards retesting pivotal resistance 1.4795 once again to determine the short term direction. The expected direction for today is bullish, but may need to build a base above 1.4590 to maintain chances of achieving it.

The trading range for today is among the key support at 1.4530 and the key resistance at 1.4850.

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

Previous Report Weekly ReportSupport1.46351.45851.45301.44851.4430Resistance1.47001.47301.47951.48501.4930RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.4635 targeting 1.4795 and stop loss below 1.4530, might be appropriate.