Morning Report

The pair moved according to yesterday's suggested scenario correcting 38.2% from the last bullish wave at 1.0305. This correction will be accompanied by the stochastic entering oversold areas and thus supporting the bullish intraday direction; initially targeting resistance levels for the ascending channel at 1.0460. It is vital that the four hours closing is above 1.0305 to achieve the expected bullish trend targets for today.

The trading range for today is among the key support at 1.0240 and the key resistance at 1.0550.

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

Previous Report Weekly ReportSupport1.03051.02401.02151.01851.0120Resistance1.04001.04501.04701.05501.0600RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0305 targeting 1.0450 and stop loss below 1.0240, might be appropriate.