Mid-day report

The pair did notbreach 1.4385 resistance level,as itpressured the pair to decline, where the decline was accompanied by a negative reversal on Stochastic. Looking at from a wider prespective; the hourly chart shows a possible formation of two conflicting technical patterns, where the upside pattern is activated by a breach for the mentioned resistance level above, whereas the negative is achieved by breaching 1.4250 to the downside. We still favor the upside direction, where 1.4270 is forming good support following the 50 MA at 1.4325. Thus, we will hold onto our morning expectations for an upside move but after shaking off the buying pressures.

The trading range for today is among the key support at 1.4020 and the key resistance at 1.4620.

The general trend is to the downside as far as 1.4720 remains intact with targets at 1.2120.

RecommendationBased on the charts and explanations above our opinion is buying pair after the breach of 1.4385 To 1.4515 and stop loss below 1.430, might be appropriate