Morning Report

The pair continues its sideway trading, while it nears this range's resistance at 1.0045 and therefore meets with MA 100. We still see that chances of a bearish trend over an intraday basis remains intact and requires the breach of support between 0.9950 - 0.9930 to head towards 0.9805. It is vital that trading remain below 1.0120 to achieve these expectations.

The trading range for today is among the key support at 0.9805 and the key resistance at 1.0120.

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

Previous Weekly Weekly ReportSupport0.99500.99300.98650.98050.9750Resistance1.00451.01201.02001.02401.0320RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0045 targeting 0.9930 and stop loss above 1.0120, might be appropriate.