Morning Report

The pair stabilized below pivotal support 1.0215 while signs of a bearish technical pattern are showing as its neckline is at 1.0155 and conflicts with the previous technical view, which points to resuming the bullish short term direction that momentum indicators still are supporting to be achieved. We recommend observing trading today to insure support levels 1.0155 and resistance 1.0215, where the breach of support will lead to a direct descend towards 1.0000; whereas the breach of 1.0215 will help the bullish trend regain its pace once again.

The trading range for today is among the key support at 1.0080 and the key resistance at 1.0430.

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

Previous Report Weekly ReportSupport1.01551.01201.00801.00451.0000Resistance1.02151.02401.02851.03351.0390RecommendationBased on the charts and explanations above our opinion is to avoid trading awaiting more confirmation signs for the pair’s direction, might be appropriate.