Morning Report

The pair strongly breached the resistance for the descending channel and rushed to the upside failing the bearish scenario suggested earlier, where the pair failed in breaching its neckline. Furtherintraday upside movementis expected today, affected by the breach of the aforementioned resistance and the 100 MA; also signs of a bullish pattern are seen at 1.4605 where its breach will lead the pair towards 1.4795 areas. Momentum indicators are providing negative signals that might cause some fluctuation in the attempt to breach the neckline at 1.4605.

The trading range for today is among the major support at 1.4450 and the major resistance at 1.4795.

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

Previous Report

Weekly ReportSupport1.45401.45051.44501.44201.4395Resistance1.46051.46801.47301.47951.4850RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.4605 targeting 1.4730 and stop loss below 1.4550 might be appropriate