Morning Report

The dollar versus looniehaspenetrated theside range but to the upside, where it faces strong resistance at 1.0575, which represents the meeting of 50% Fibonacci correction with the MA 200 . This resistance comes along with major overbought signs appearing on the stochastic. These facts make us expect a bearish direction over an intraday basis; targeting first the breach of 1.0465 to pave the way towards the bearish short term direction, where its upcoming targets are around 1.0300. It is important to keep in mind that this bearish trend requires 1.0665 to remain intact in the four hour close.

The trading range for today is among the key support at 1.0305 and the key resistance at 1.0750.

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 1.0575 targeting 1.0465 and stop loss above 1.0665, might be appropriate.