Morning Report

The pair was able to stabilize above the awaited to be breached resistance between 1.4770 - 1.4795, with a chain of the four hour candlestick closing above it and thereby insuring the activation of the suggested scenario yesterday of an upside move. This breach, alongside surpassing 61.8% Fibonacci correction, are factors that encourage us to expect a bullish intraday trend; first target is at 1.5000. Keep in mind that the overbought signs appearing through momentum indicators could cause some fluctuation and negative pressure on the pair.

The trading range for today is among the key support at 1.4635 and the key resistance at 1.5045.

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

Previous Report Weekly Report

Support1.47951.47701.47301.46351.4575Resistance1.48501.49301.49601.50001.5045RecommendationBased on the charts and explanations above our opinion is buying the pair with around 1.4770 targeting 1.4960 and stop loss below 1.4635, might be appropriate.