Morning Report

The pair descended to achieve a temporary breach of support for the ascending channel gradually within the bearish correction formation, where it did not surpass 76.4% Fibonacci. The pair's return above the breached support - currently at 1.1590 - alongside positive signs appearing on the stochastic will make us expect a bullish trend for today; main targets are at 1.1790, keeping in mind the importance of the four-hour closing below 1.1590 will weaken chances of achieving these expectations.

The trading range for today is among the key support at 1.1505 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 ReportSupport1.15901.15401.15051.14601.1430Resistance1.16851.17351.17901.18251.1865RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.1590 targeting 1.1700 and stop loss below 1.1505, might be appropriate.