Morning Report


The pair succeeded in achieving yesterday's scenario after breaching the pivotal resistance of 134.20, while trading is presently above 135.00 areas. The pair continues moving inside the bullish channel, while the bullish effect of the pattern, which we discussed several times before, is still in favor. Additionally, the pair is supported by the SMA 50 and thus, we still see chances of achieving more bullishness but not before relieving momentum indicators via some kind of correction. Technical targets start at 136.80, followed by 137.50, whilst 134.20 should hold to protect this scenario.

The trading range for today is among key support at 133.40 and key resistance at 137.50.

The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.

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RecommendationBased on the charts and explanations above our opinion is, buying the pair around 134.55 targeting 136.85 and stop loss below 133.40 might be appropriate.