Morning Report

The pairwas notsafe from the dollar's strength yesterday, where it pushed to the upside breaching resistance for the descending channel shown above, where it hit into 23.6% Fibonacci correction. Momentum indicators are showing negative signs that we expect will force the pair to retest the breached level and currently turn into support at 1.0370 before continuing the bullish intraday trend, where targets are set at 1.0660 then 1.0775. Chances of achieving these expectations depend on the daily close to be above 1.0370.

The trading range for today is among the key support at 1.0370 and the key resistance at 1.0660.

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

Previous Report Weekly ReportSupport1.04451.03701.03151.02551.0210Resistance1.05001.05501.06001.06601.0700RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0370 targeting 1.0550 and stop loss below 1.0255, might be appropriate.