Morning Report

The pair managed to breach resistance for the descending channel, shown in the image above in a bullish slant, where we can consider this a bullish correction that will target 1.0245 firstly then 1.0315 secondly. We might witness some fluctuations between 1.0195 and 1.0120 to rid of the negative momentum before continuing the expected ascend over an intraday basis, which will remain intact if we do not witness a four-hour closing below 1.0080.

The trading range for today is among the key support at 1.0000 and the key resistance at 1.0315.

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 buying the pair from 1.0120 targeting 1.0245 and stop loss below 1.0080, might be appropriate.