Morning Report

The pair stabilized between 1.4730 and 1.4770 representing the meeting point with support represented in 61.8% Fibonacci that has turned into support after breaching it, alongside SMA 50 and support for the ascending channel that has organized the bullish intraday wave shown above. Stochastic is showing positive signs that make us expect resuming the bullish intraday direction; targets start at 1.4935. Keep in mind that the four hour closing below 1.4730 that may change the intraday direction today into a bearish one.

The trading range for today is among the key support at 1.4635 and the key resistance at 1.5935.

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

Previous Report Weekly Report

Support1.47301.46901.46351.45751.4535Resistance1.47701.48501.49301.49601.5010RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.4730 targeting 1.4850 and stop loss below 1.4635, might be appropriate.