The pair managed to achieve a sharp descend to breach 61.8% Fibonacci correction; whereas support appearing through the image above is protecting chances of a bullish direction. Momentum indicators are showing oversold signs that encourage us to expect a bullish intraday trend, where its main targets start from 1.0500 then 1.0565. These expectations require the four- hour candlestick closing to remain above 1.0395.
The trading range for today is among the key support at 1.0305 and the key resistance at 1.0645.
The general trend is to the downside as far as 1.1295 remains intact with targets at 1.0000.
Morning Report Weekly Report
|Recommendation||Based on the charts and explanations above our opinion is buying the pair from 1.0395 targeting 1.0500 and stop loss below 1.0305, might be appropriate.|