Morning Report

The pair pushed to the upside and continues trading within the bullish short term channel in an attempt to reach resistance for the bearish short term trend at 1.5230. Some bearish correction is expected due to the negative effect of momentum indicators before heading towards continuing the expected bullish intraday direction that targets the mentioned resistance level. The breach of 1.5025 could reverse today's direction into a bearish one.

The trading range for today is among the key support at 1.4960 and the key resistance at 1.5230.

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

Previous Report Weekly Report

Support1.50251.49601.49001.48601.4770Resistance1.51301.51951.52301.52651.5310RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5025 targeting 1.5180 and stop loss below 1.4960, might be appropriate.