Morning Report

The pair stabilized above pivotal resistance 1.4770 showing a clear bullish slant due to the organized trading within the ascending short term channel. The pair is strongly facing resistance around 1.4850 - 76.4% Fibonacci correction -, which could force the pair to fluctuate due to the negative effect of momentum indicators, before continues on with the bullish intraday trend that will essentially start with a clear breachfor 1.4850. The first awaited key targetresides around 1.50000 - 1.5045. Keep in mind that the breach of 1.4730 could make the pair exit its bullish short term path.

The trading range for today is among the key support at 1.4735 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

Support1.47701.47301.46751.46351.4575Resistance1.48501.49301.49601.50001.5045RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.4850 targeting 1.5000 and stop loss below 1.4770, might be appropriate.