Morning Report

The pair stabilized above the resistance for the sideway range shown yesterday at 1.1585, while signs of an ascending channel that organizes the current short term wave is appearing. Despite of the negative signs appearing on momentum indicators, currently MA 50 supports the bullish wave; therefore, we expect the pair to witness more bullish movement over an intraday basis, as its main target for today is level 1.1790 and requires the stability of support levels between 1.1530 - 1.1460 to prevail. Meanwhile, overbought momentum indicators could cause fluctuation and some bearish correction from time to time.

The trading range for today is among the key support at 1.1460 and the key resistance at 1.1790.

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

Previous Report Weekly ReportSupport1.15851.15351.14601.14301.1385Resistance1.16201.16851.17351.17901.1825RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.1585 targeting 1.1685 and stop loss below 1.1535, might be appropriate.