Morning Report

The pair managed to achieve a strong breach for pivotal resistance levels between 1.0180 - 1.0200 that is currently between 38.2% and 50% Fibonacci correction. The negative momentum appearing through the stochastic and RSI could push the pair to retest thebroken 38.2% at 1.0210, before continuing the expected bullish intraday trend where its upcoming targets are around 1.0390. The expected scenario will remain intact as long as the four hour closing remains above 1.0175.

The trading range for today is among the key support at 1.0175 and the key resistance at 1.0390.

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

Previous ReportWeekly ReportSupport1.02101.01751.01001.00451.0000Resistance1.03151.03651.03901.04451.0500RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0210 targeting 1.0365 and stop loss below 1.0175, might be appropriate.