Morning Report

The pair is trading in a sideway manner between resistance 1.0780 and support 1.0650 - 23.6% Fibonacci correction level -. The stochastic is showing negative signs that make us expect the breach of mentioned support then paving the way for a continuous bearish correction expected for today towards 1.0565 then 1.0520. the MA 50 could impede the expected bearish correction process, protecting trades within the ascending short term channel.

The trading range for today is among the key support at 1.0520 and the key resistance at 1.0845.

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 selling the pair with the breach of 1.0640 targeting 1.0520 and stop loss above 1.0720, might be appropriate.