Morning Report

The sideway trading for the pair has caused it to exit the currently ascending channel, with a temporary breach of this channel's support. The bullish momentum appearing on momentum indicators that expect the return of the pair into the ascending channel. Therefore, we see that the expected directionis bullishover an intraday basis; targeting 1.0365 mainly and requiring trading to remain above 1.0150 to prevail.

The trading range for today is among the key support at 1.0000 and the key resistance at 1.0365.

The short term trend is to the downside as far as 1.0780 remains intact with targets at 1.0000.

Weekly Report Previous Report

RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.0215 targeting 1.0365 and stop loss below 1.0115, might be appropriate.