Morning Report

The pair bearishly corrected and halted at 23.6% Fibonacci, where it rebounded to form a bullish technical pattern with its neckline as is, shown in the image above. The bullish slant and the mentioned pattern are factors that make us expect a possible bullish direction for today, where it will start with the breach of the mentioned neckline; targeting 1.0825. Keep in mind the importance of trading remaining above 1.0605 to insure achieving the awaited ascend for today.

The trading range for today is among the key support at 1.0550 and the key resistance at 1.0825.

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

Morning Report Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.0690 targeting 1.0825 and stop loss below 1.0605, might be appropriate.