Morning Report

Despite of the fact that we still see the direction remaining bearish; the 100% extension at 1.0450 was able to halt the downside move temporarily to pull out momentum indicators from yesterday's oversold areas. However, now we see that the stochastic is suffering from overbought signs that could make main resistance sharply move to the downside and cause more descends towards 161.8% extension at 1.0330. It is important that 1.0450 is breached to the downside to maintain our expectations for today of a possible bearish direction.

The trading range for today is among the key support at 1.0410 and the key resistance at 1.0980.

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

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RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0500 targeting 1.0390 and stop loss above 1.0590, might be appropriate