Morning Report

The pair stabilized below yesterday's breached support and the more vital 1.0405 - neckline for the bearish pattern -. Momentum indicators are showing positive signs that might push the pair to bullishly correct to retest breach levels before resuming the expected bearish intraday; targeting 1.0220 mainly then 1.0150 after it was able to breach 1.0305. Chances of achieving these targets depend on the four-hour closing remaining below 1.0405.

The trading range for today is among the key support at 1.0150 and the key resistance at 1.0470.

The general trend is to the downside as far as 1.0780 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 1.0405 targeting 1.0305 and stop loss above 1.0470, might be appropriate.