Morning Report

The pair was not able to return within the descending channel and continue its stability above pivotal support 0.9950; thus, pointing to bullish momentum that is controlling the pair. This encourages us to expect a bullish intraday direction that will start with the breach of 1.0060 and head towards 1.0140 then 1.0200. Keep in mind that the breach of 0.9950 will make the bearish scenario return once again.

The trading range for today is among the key support at 0.9865 and the key resistance at 1.0200.

The short term trend is to the downside as far as 1.0780 remains intact with targets at 0.9705.

Previous Report Weekly ReportSupport0.99500.99000.98650.98050.9750Resistance1.00601.01401.02001.02401.0320RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.0060 targeting 1.0200 and stop loss below 0.9950, might be appropriate.