Morning Report

The ascending channel is controlling the pair's intraday trading, where it has pushed upwards according to yesterday's scenario. A minor bearish correction is expected due to the negative effects for momentum indicators before resuming the bullish direction today; targeting first the attack of pivotal resistance 1.0470 in an attempt to breach it and pave the way towards 1.0550 as a main target today. The breach of 1.0320 could postpone achieving the suggested expectations.

The trading range for today is among the key support at 1.0295 and the key resistance at 1.0665.

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

Previous Report Weekly ReportSupport1.03701.03201.02951.02401.0215Resistance1.04701.05501.06001.06651.0700RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0370 targeting 1.0470 and stop loss below 1.0295, might be appropriate.