Morning Report

The pair pushed to the upside yesterday towards levels 1.0700 but was not able to stabilize above it towards the start of the last bullish wave correction at 23.6% Fibonacci at 1.0595. The hourly chart is showing a bearish technical pattern that encourages us to expect more bearish correction that may initially reach 1.0500. Therefore, a bearish intraday direction first requires the breach of 1.0595 in addition to the four hour closing below 1.0685.

The trading range for today is among the key support at 1.0425 and the key resistance at 1.0770.

The short term trend is to the downside as far as 1.9925 remains intact with targets at 1.1485.

Previous Report Weekly ReportSupport1.05951.05351.05001.04701.0425Resistance1.06501.06851.07451.07851.0865RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.0595 targeting 1.0500 and stop loss above 1.0670, might be appropriate.