Morning Report

The correctional levels of 61.8% and 76.4% stood strong in front of the pair's attempts to ascend; thus, causing the pair to return one again towards main support 1.0475 due to additional pressure from negative signals on the stochastic. The indicator's signals are currently turning positive; thus, making us expect a bullish direction over an intraday basis for today. This initially requires the breach of 1.0520 - shown in the side image - and mainly targets 1.0615 then 1.0665, while maintaining the daily closing at 1.0475 to keep chances of achieving an expected incline.

The trading range for today is among the key support at 1.0375 and the key resistance at 1.0745.

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

Monthly report

RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.0520 targeting 1.0665 and stop loss below 1.0425, might be appropriate.