Morning Report

The closing of the four-hour candlestick below 1.0645, insured the bearish technical pattern for yesterday; therefore pushing the pair to descend near to the main suggested target 1.0565. The mentioned bearish pattern, in addition to the stability below MA 50 are factors that make us expect a bearish intraday basis, which requires a bullish correction to retest 1.0645 and gain bearish momentum that supports these predictions; targeting initially 1.0500. It is vital that the four hour closing remain below 1.0645 so these expectations may prevail.

The trading range for today is among the key support at 1.0435 and the key resistance at 1.0755.

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 from 1.0645 targeting 1.0565 and stop loss above 1.0700, might be appropriate.