Morning Report

The bullish candlestick formations that have been constructed around the 38.2% correction, alongside the bullish signs seen on the MACD indicator makes us believe the pair is to continue the upside correction targeting the 61.8% correction at 1.0685. We see the 20 MA on the four hour charts is protecting the uptrend, which may result in further inclines today as far as 1.0410 remains intact.

The trading range for today is among the key support at 1.0200 and the key resistance at 1.0410

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

RecommendationBased on the charts and explanations above, our opinion is buying the pair from 1.0500 to 1.0660 and stop loss below 1.0410 might be appropriate.