Morning Report

The 50% Fibonacci level at 1.5215 showed a strong stance against the pair's attempts to descend, where trading has rebounded to the upside. Stochastic is showing clear oversold signs, thereby encouraging us to maintain yesterday's expectations. We expect a bullish intraday movethat targets initially 1.5450 and requires a base to be built above 1.5155.

The trading range for today is among the key support at 1.5155 and the key resistance at 1.5450.

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

Previous Report Weekly Report

Support1.52151.51551.51251.50701.5015Resistance1.52751.53251.53901.54351.5475RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5215 targeting 1.5325 and stop loss below 1.5155, might be appropriate.