Morning Report

The pair touched main support 1.0410 accompanied by positive signs appearing through momentum indicators, which maintain out previous expectations that point to a bullish direction over an intraday basis that requires first insuring the breach of resistance for the rising wedge pattern, shown above, at 1.0445 and head towards 1.0565 followed by 1.0640. Chances of achieving these expectations rely on the four hour candlestick closing to remain above 1.0410.

The trading range for today is among the key support at 1.0300 and the key resistance at 1.0650.

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 1.0410 targeting 1.0500 and stop loss below 1.0355, might be appropriate.