Morning Report

The pair descended to touch support for the ascending channel that organizes the current bullish wave's trading after the effect of the strength of the main resistance shown yesterday at 1.0895 presently. The stochastic is nearing oversold areas, therefore we could witness some fluctuation until it gathers enough positive momentum to support resuming the bullish intraday trend that mainly targets reaching mentioned resistance above. Meanwhile, building a base below 1.0665 could lead to a bearish direction reversal.

The trading range for today is among the key support at 1.0565 and the key resistance at 1.0895.

The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.

Previous Report Weekly ReportSupport1.06651.06101.05651.05351.0500Resistance1.07701.08201.08951.09601.1050RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0665 targeting 1.0820 and stop loss below 1.0565, might be appropriate.