Morning Report

The current descending channel continues dominating trading for the pair, where it is preventing the bullish trend scenario to be achieved till now. The pair may rid of the negative momentum and gain positive momentum that support achieving yesterday's scenario; pointing to a bullish intraday trend that will start with the breach of 1.0175; requiring support between 1.0060 - 1.0015.

The trading range for today is among the key support at 1.0000 and the key resistance at 1.0315.

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

Previous Report Weekly ReportSupport1.00601.00150.99500.99300.9865Resistance1.01751.02251.02651.03151.0365RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach 1.0175 targeting 1.0315 and stop loss below 1.0060, might be appropriate.