Morning Report

The pair's trading stabilized below the broken 76.4% correctional level- 1.0355 - in an attempt to breach the pivotal support of 1.0305. Momentum indicators are heading towardsoverbought areas gradually as the pair nears touching 1.0355; therefore making us expect areversal, where the pair through it will achieve a possible bearish direction over an intraday basis where its main targets start at 1.0220. Achieving these expectations require trading to remain 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 1.0355 targeting 1.0270 and stop loss above 1.0405, might be appropriate.