Morning Report

The pair is near to touching resistance in a sideway range at 1.0075, accompanied by momentum indicators entering overbought areas; therefore, we see that the expected direction for today is bearish over an intraday basis is targeting 0.9975 then 0.9865. This scenario requires: 1- primary closing of the four hour candlestick below 1.0030 (MA 50). 2- remaining intact below 1.0075.

The trading range for today is among the key support at 0.9865 and the key resistance at 1.0100.

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 1.0075 targeting 0.9975 and stop loss above 1.0140, might be appropriate.