Morning Report

The breach of 1.5010 was the reason behind the pair returning to trade within the ascending channel, where today the pair is gradually nearing from main resistance for this bullish channel; while at the same time we see that momentum indicators are suffering from overbought signs that could cause some fluctuation and some probable bearish correction, and then the bullish intraday direction will continue and affect the pair's trading towards the upcoming target shown above. It is vital that the suggested bullish trend achieves stability above 1.4905 to prevail.

The trading range for today is among the key support at 1.4800 and the key resistance at 1.5475.

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

Previous Report Weekly Report

Support1.51301.51001.50301.49901.4905Resistance1.51851.52351.52651.53051.5375RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5100 targeting 1.5305 and stop loss below 1.4990, might be appropriate.