Morning Report

MA 50has beenable to support the pair and push it once again towards pivotal resistance 1.1120 - yesterday's neckline - with positive crossover signs appearing through the stochastic. These factors encourage us to expect a bullish intraday direction that requires stability above mentioned resistance to head towards 1.1250 - 1.1290 mainly. This scenario requires stability as the four-hour candlestick closingto beabove 1.1050.

The trading range for today is among the key support at 1.0985 and the key resistance at 1.1290.

The short term trend is to theupside as far as 1.0200 remains intact with targets at 1.2000.

Previous Report Weekly ReportSupport1.10701.10501.09851.09251.0875Resistance1.11201.11851.12501.12901.1315RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.1120 targeting 1.1250 and stop loss below 1.1050, might be appropriate.