Morning Report

The pair was able to breach of pivotal support 1.0565, achieving the awaited targets from yesterday around 1.0500. The bullish signs momentum indicators are showing could push the pair towards some bullish correction to retest breached support, before continuing the expected bearish direction over an intraday basis, where its upcoming targets are around 1.0410. This scenario requires a four hour closing below 1.0565.

The trading range for today is among the key support at 1.0355 and the key resistance at 1.0720.

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 1.0565 targeting 1.0465 and stop loss above 1.0645, might be appropriate.