Morning Report

The pair reversed from the suggested levels suggested yesterday - around 1.0200 - with minor bearish technical signs pattern's that the pair is currently attempting to insure the breach of its neckline at 1.0130. These signs make us expect a bearish direction over an intraday basis; first targets start at 1.0040 followed by 0.9975. Keep in mind the importance of stabilizing below 1.0240 to maintain chances of continuing this expected bearish direction.

The trading range for today is among the key support at 0.9975 and the key resistance at 1.0240.

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

Previous Report Weekly ReportSupport1.00851.00401.00000.99750.9900Resistance1.01301.02001.02401.03201.0365RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0130 targeting 1.0000 and stop loss above 1.0240, might be appropriate.