Morning Report

The Fibonacci correction 76.4% maintained its stance against the pair's attempts to descend, where a bullish trend seems to clearly appear through the ascending channel, as we expect the pair to trade in an organized manner on the short term. The resistance level 1.0215 could impede the pair's ascend, supported by negative signs through the stochastic. In overall, we expected the bullish intraday direction that requires initially stability above 1.0215, in addition to maintaining 1.0120 intact. The awaited technical targets will start at 1.0330.

The trading range for today is among the key support at 1.0120 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 ReportSupport1.01851.01201.00801.00451.0000Resistance1.02151.02401.02851.03301.0390RecommendationBased on the charts and explanations above our opinion is buying the pair and stabilizing above 1.0215 targeting 1.0330 and stop loss below 1.0120, might be appropriate.