Morning Report

The effects of momentum indicators have started to appear on the pair, thus pushing it to ascend towards resistance for the sharp descending channel that controls current trading at 1.0160.MA 50 is waiting the pair there, therefore adding strength to mentioned resistance and thus makes us await an overall bearish direction for the remainder of trading today; main targets are at 1.0000 then 0.9950. Keep in mind the importance of 1.0230 remaining intact to maintain chances of achieving the expected bearish intraday.

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.

Previous Report Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0160 targeting 1.0080 and stop loss above 1.0230, might be appropriate.