Morning Report

The pair succeeded at insuring the falling wedge scenario, shown yesterday, where it moved to the upside after insuring the breach of resistance for this pattern, halting at pivotal resistance 1.0630 that represents the neckline for the bullish technical pattern shown in the image above. The positive signs appearing through Stochastic add more support on expectations by achieving the expected bullish intraday direction; starting by breaching the mentioned neckline and head towards achieving main target for today that start at 1.0700 then 1.0780. Chances of this direction occurring will remain intact if the four hour closing remains above 1.0510.

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 1.0630 targeting 1.0780 and stop loss below 1.0510, might be appropriate.