Morning Report

The pair is trading steadily and slowly declining within the bearish channel shown on the image above, where it represents the short term bearish wave; thus, there is nothing impeding the pair's downside move so far. The pair is currently targeting the minor support level at 1.0120 and then the main targets for this wave at 1.0000.Thus, we expect a bearish direction over an intraday basis, where it requires the four hour closingto below 1.0350 for it to continue.

The trading range for today is among the key support at 1.0000 and the key resistance at 1.0500.

The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.

Support1.02501.01751.00901.00000.9960
Resistance1.03101.03501.04001.04751.0500
RecommendationBased on the charts and explanations above our opinion is selling the pair at 1.0310 and targeting 1.0220 and stop loss above 1.0375, might be appropriate