Morning Report

Due to the ascending harmonic technical pattern pointed out through our reports this week (we recommend revising previous morning and weekly reports), as well as the effects of the descending channel exiting (pointed out in our midday report this week). We see that the ascending channel that has been formed could affect the pair and maintain the expected bullish direction. We could also witness some bearish correction that will help momentum indicators exit overbought areas, unless 1.0165 remains intact that will maintain the bullish direction intact, shown above.

The trading range for today is among the key support at 1.0080 and the key resistance at 1.0365.

The short term trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.

Previous Report Weekly Report

Support1.02051.01601.01551.00801.0000
Resistance1.02501.02751.02951.03651.0435
RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0180 targeting 1.0365 and stop loss below 1.0080, might be appropriate.