Morning Report

The pair closed trading between 1.0555 and 1.0610 shown in the image above, where the pair currently is attempting to rid of negative momentum appearing on the four hour timeframe to start a bullish direction, which has begun the breach of pivotal resistance at 1.0610. The bullish technical pattern encourages us to expect a bullish intraday direction; technical targets are at 1.0745 then 1.0830, but it is vital for this scenario to prevail that the four-hour closing is above 1.0490.

The trading range for today is among the key support at 1.0490 and the key resistance at 1.0830.

The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.1730.

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RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.0610 targeting 1.0745 and stop loss below 1.0535, might be appropriate.