Morning Report

The pair is moving within the same footsteps as the previous pair, where it has managed to stabilize below broken support and retest the breached level to insure the breach that had occurred - the image above highlights the idea - where the bearish technical pattern formation has appeared. Its neckline resides at 1.0565 and a breach is expected for this level due to negative momentum appearing through the four-hour chart. Technical targets will start at 1.0480 then 1.0390; however, keep in mind that the breach of 1.0740 will help the pair revisit the bullish trend without the need to attempt any bearish correction in the meantime. To recap, our today's outlook is bearish.

The trading range for today is among the key support at 1.0390 and the key resistance at 1.0745.

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

Previous Report Weekly ReportSupport1.06301.05651.05351.05001.0480Resistance1.06601.07451.08201.08951.0960RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.0565 targeting 1.0390 and stop loss above 1.0660, might be appropriate.