Morning Report

The pair is currently facing pivotal resistance at 1.0565 - 38.2% Fibonacci correctional level- with continuous negative signs appearing through momentum indicators, in addition to the MA 50 that supports the bullish trend from the bottom. From here, we see that the expected direction for today is bullish, which will start with the breach of 1.0565 and head towards 1.0645 then 1.0700. It is vital that trading remain above 1.0565 to achieve these expectations.

The trading range for today is among the key support at 1.0410 and the key resistance at 1.0700.

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 1.0565 targeting 1.0645 and stop loss below 1.0500, might be appropriate.