Morning Report

The shaded downside channel in yellow shown in the image above, has taken control over the pair's trading yesterday as it strongly pushes to the downside heading towards support for the short term ascending channel at 1.0285. This down trend will maintain natural trading within the mentioned ascending channel. Several negative factors, starting from the descending intraday channel and the breach of MA 100, in addition to the breach of 61.8% Fibonacci correction, make us maintain expectations of a bearish intraday direction; targeting first 1.0285. Keep in mind that the importance of observing the pair and the importance of the pair's actions when reaching the mentioned target, since breaching it will pave the way towards 1.0000.

The trading range for today is among the key support at 1.0200 and the key resistance at 1.0500.

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

Previous Report Weekly ReportSupport1.03351.02851.02401.02001.0120Resistance1.03901.04601.05001.05501.0595RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0390 targeting 1.0285 and stop loss above 1.0460, might be appropriate.