Morning Report

The minor descending channel is controlling the pair's trading since the breach of main support 1.0365 - the neckline for the bearish technical pattern in the image above -. We initially expect natural trading within the current descending channel; therefore we expect a base to be built on resistance 1.0300 followed by a bearish reversal, where the pair will achieve through it a possible bearish intraday trend that targets 1.0210 then 1.0170.

The trading range for today is among the key support at 1.0170 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 selling the pair from 1.0300 targeting 1.0210 and stop loss above 1.0365, might be appropriate.