Morning Report

The pair continued the negative pressure on the support for the ascending short term channel at 1.0340 affected by the bearish pattern completed at 1.0510. Sings of a bearish pattern are seen over the bigger pictures, with the neckline at 1.0330, which is why we recommend observing the pair around the critical support area between 1.0340-1.0330, as breaching its area leads the pair towards 1.0100 then 1.000; while if it holds against the pair's downside move it will protect the short term bullishness.

The trading range for today is among the major support at 1.0170 and the major resistance at 1.0510.

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

Previous Report

Weekly ReportSupport1.03401.03001.02801.02401.0200Resistance1.03901.04701.05101.05651.0630RecommendationBased on the charts and explanations above we recommend observing the pair’s movement around the areas mentioned above awaiting more confirmations