Morning Report

The pair failedyesterdayto breach the new resistance level at 1.0170 - support for the previously breached descending channel - and thus,the current bearish wave will prevail. This make us, expect a bearish direction over a short term trend; primary targets start at 1.0000 then 0.9950. It is vital that 1.0230 remain intact to insure achieving the expected bearish direction.

The trading range for today is among the key support at 0.9950 and the key resistance at 1.0260.

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 1.0170 targeting 1.0080 and stop loss above 1.0230, might be appropriate.