Morning Report

The pair is trading in an ideal way, according to yesterday's suggested scenario within the minor descending channel that controls the pair's bearish intraday direction.Stochastic is entering oversold areas, which could cause some fluctuations if it receives enough bearish momentum to support the expected bearish intraday trend to continue; where its upcoming targets are around 1.0150 then 1.0080. Keep in mind the importance of trading remaining below 1.0310 to maintain chances of achieving these expectations as well as being cautious of sharp trading that is expected when the Canadian unemployment rate is released today as of 12:00 GMT.

The trading range for today is among the key support at 1.0080 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 1.0290 targeting 1.0150 and stop loss above 1.0365, might be appropriate.