Morning Report

The pair is close to touching support for the main ascending channel that organizes short term trading, where this support is at 1.1480. The positive signs appearing through the stochastic, in addition to stability above MA 50 are factors that will expect a bullish intraday direction; targeting 1.1600 then 1.1695. Keep in mind that the breach of 1.1480 and stabilizing above it will reverse the direction to the downside.

The trading range for today is among the key support at 1.1370 and the key resistance at 1.1695.

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

Previous Report Weekly ReportSupport1.15151.14801.14451.14001.1370Resistance1.16051.16401.16951.17101.1790RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.1480 targeting 1.1640 and stop loss below 1.1370, might be appropriate.