Morning Report

Narrow trading is dominating the pair since yesterday in an attempt to gain enough bearish momentum to support previous expectations of an expected bearish intraday trend. These expectations require the breach of 1.0305 that will pave the way towards 1.0220 then 1.0150. It is vital the importance of trading remaining below 1.0405 to insure achieving these expectations.

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 the breach of 1.0305 targeting 1.0220 and stop loss above 1.0355, might be appropriate.