Morning Report

The pair is trading in a perfect manner, according to the suggested scenario in yesterday's reports, hitting support for the ascending channel that is currently ascending towards 1.0615; therefore we await a bullish rebound that will achieve through it a possible ascend over an intraday basis; where main targets are at 1.0780. The achieving of these expectations require two main factors; the breach of minor resistance 1.0630, followed by trading above 1.0605.

The trading range for today is among the key support at 1.0500 and the key resistance at 1.0780.

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 buying the pair from 1.0615 targeting 1.0700 and stop loss below 1.0550, might be appropriate.