Morning Report

The pair closed aboveSMA 50 and thereby maintaining the bullish slant intact. In return, stochastic is giving off bearish signs that may impede the pair's attempt to achieve the desired incline. The bullish technical pattern appearing in our previous reports seen on the image above, alongside stabilizing above the 50 are all factors that make us hold onto our bullish intraday trend expectations. Note the importance of clearly breaching pivotal resistance at 84.25 - the bullish trend's neckline -. The breach of 82.50 will make us recalculate the suggested bullish intraday technical pattern.

The trading range for today is among the key support at 82.50 and the key resistance at 85.95.

The short term trend is to the downside as far as 91.55 remains intact with targets at 77.70.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 84.25 targeting 85.95 and stop loss below 83.15, might be appropriate.