Morning Report

Support of 1.0650 showed strength in front of the pair's attempts to descend, inline with oversold signs appearing through the stochastic that make us expect a bullish intraday direction, which will build its base on mentioned support and head towards 1.0780 initially. Keep in mind that this expected ascend requires 1.0650 to remain intact.

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 buying the pair from 1.0650 targeting 1.0780 and stop loss below 1.0565, might be appropriate.