Morning Report

The main support 1.0410 stood strong against continuous attempts from the pair to bearishly reverse, where it rebounded and completed forming the bullish technical pattern that comes inline with the bullish pattern, shown yesterday, where the pair achieved more bullish movement. We expect an overall bullish direction over an intraday direction, which will start with the breach of the mentioned neckline to head towards main targets that start 1.0565 then 1.0650. It is vital that 1.0410 areasremain intact, which are vital factors in achieving the awaited bullish direction.

The trading range for today is among the key support at 1.0350 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 with the breach of 1.0500 targeting 1.0650 and stop loss below 1.0410, might be appropriate.