Morning Report

The pair continued its bullish push since yesterday to achieve; 1- the breach of 1.5080 causing the previous sideway range returning. 2- the breach of the retesting support for the previously breached ascending channel. 3- the breach of resistance for the key bearish trend at 1.5200, shown in the chart above. The resistance level for the sideway range currently stands as a strong barrier in front of the pair's volatile push, supported by the negativity appearing on momentum indicators and therefore causing some fluctuation to retest the breached key resistance that has presently turned into support at 1.5200, before heading towards resuming the expected bullish intraday trend. Technical targets start at 1.5315 and then attempt to surpass this level to head towards 1.5500, but keep in mind that the breach of 1.5170 could postpone achieving this scenario.

The trading range for today is among the key support at 1.5080 and the key resistance at 1.5500.

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

Previous Report Weekly Report

Support1.52001.51701.51351.50801.5015Resistance1.52301.52701.53001.53601.5395RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5200 targeting 1.5300 and stop loss below 1.5135, might be appropriate.