Morning Report

Trading was limited between the 23.6% and 38.2% corrections yesterday, where we believe that this fluctuation is an attempt to gather bearish momentum to continue the downtrend. From here we expect the pair is to decline on the intraday basis, targeting the breach of the key support at 1.0715 once again, confirmed by a daily close to target 1.0600. The 1.0925 level remaining intact is vital for the decline.

The trading range for today is among the key support at 1.0565 and the key resistance at 1.1035

The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0300

RecommendationBased on the charts and explanations above, our opinion is selling the pair with the breach of 1.0715 to 1.0565 and stop loss above 1.0785 might be appropriate.