Morning Report

The pair returned and is wedged once more between both ends of the falling wedge pattern, after its only attempt to breach it yesterday; reaching this pattern, as well as the positive signs from momentum indicators, make us hold onto yesterday's expected direction. We see that the expected bullish direction over an intraday basis that will start with the breach of 1.0280 and targets the retest of the breached support level at 1.0365. The breach of 1.0230 will pave the way to resume the bearish short term direction without the need of an expected retesting 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 with the breach of 1.0280 targeting 1.0365 and stop loss below 1.0230, might be appropriate.