Morning Report

The pair pushed upwards to touch the previously breached neckline 1.0060 to retest its strength, accompanied by overbought signs appearing through momentum indicators. These signs encourage us to expect a bearish intraday direction for trading as its targets will start at 0.9950 then 0.9900. It is vital that trading remain below 1.0100 to achieve this suggested descend.

The trading range for today is among the key support at 0.9950 and the key resistance at 1.0140.

The short term 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 1.0060 targeting 0.9950 and stop loss above 1.0140, might be appropriate.