Morning Report

The pair continues to fluctuate around pivotal resistance 1.0060 - retest level - that is supported by MA 50. Meanwhile, trading is gradually being wedged between both ends of symmetrical triangle, which will support the previously expected bearish direction. From here, we see that more bearish intraday direction is expected and requires trading to remain below 1.0100 and head towards technical targets that start from 0.9950 then 0.9865.

The trading range for today is among the key support at 0.9865 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 1.0120, might be appropriate.