Morning Report

The pair stabilized trading around 1.0560, while noting trading wedged between both ends of the bullish technical pattern in the falling wedge, shown in the image above, where it is expected that its resistance level will be breached - at 1.0580 -; therefore returning the pace into a bullish one once again. From here, our expectations point to a possible bullish intraday direction that will start with the breach of the previously mentioned level, and head towards achieving targets that start at 1.0640 then 1.0780. Keep in mind that these expectations require the four hour closing to remain above 1.0540.

The trading range for today is among the key support at 1.0460 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 with the breach of 1.0580 targeting 1.0700 and stop loss below 1.0500, might be appropriate.