Morning Report

The pair found strong support around 1.0250 and trading is stuck within the bullish technical pattern that is represented by the falling wedge, where its resistance is at 1.0295. We expect the breach of this level that will lead to a direct ascend that will retest its previously breached main support at 1.0365 that meets with MA 50. The stochastic is nearing overbought signs. These factors make us expect a minor intradaybullish trend towards retesting the mentioned levels, followed by a bearish reversal where the overall expected direction is bearish over an intraday and short term basis. The breach of 1.0245 will speed up the overall bearish direction below the need of an expected retest process.

The trading range for today is among the key support at 1.0150 and the key resistance at 1.0365.

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 buying the pair from 1.0295 targeting 1.0365 and stop loss below 1.0245, might be appropriate.