Morning Report

The pair succeeded in activating yesterday's scenario and inched closer to the awaited key target around 1.5800, after some fluctuation and minor bearish correctional slant that is expected due to the negativity of momentum indicators. In overall, we expect a bullish intraday trend supported by the bullish technical pattern that has formed with the breach of its neckline - highlighted in red above - at 1.5660; awaited targets start at 1.5815 then 1.5910. Keep in mind to the possibility of witnessing sharp intraday trading when UK releases its interest rate data today as of 12:00 GMT.

The trading range for today is among the key support at 1.5620 and the key resistance at 1.5910.

The short term trend is to the upside as far as 1.5315 remains intact with targets at 1.7000.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5660 targeting 1.5800 and stop loss below 1.5595, might be appropriate.