Morning Report

The pair reached the target set yesterday around 1.1390, though the pair couldn't stabilize below the retest level for the breached channel resistance as seen above. Sings of a bullish pattern are seen over four-hour basis, in addition to overbought signs on momentum indicators and stabilizing above 1.1390. We expect a bullish intraday move for today initially breaching 1.1440 then 1.1480; though stabilizing below 1.1390 will extend the downside correction which targets 1.1250.

The trading range for today is among the major support at 1.1250 and the major resistance at 1.1605.

The short term trend is to the upside as far as 1.0200 is intact with targets at 1.2295.Support1.14301.13901.13451.13001.1250Resistance1.14401.14801.15401.16051.1685RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.1440 targeting 1.1605 and stop loss below 1.1370 might be appropriate