Morning Report

The pair breached the neckline mentioned this morning around 1.0330 yet hit the 76.4% correction for the last upside wave shown on the four-hour chart above. Momentum indicators are providing positive signals and therefore we expect the pair to move to the upside retesting the previously breached critical support areas among 1.0330-1.0360 and favor the continuation of the intraday downside move affected by the completed bearish pattern yesterday. Observe the pair closely around 1.0360 areas as an upside breach fails the bearish scenario and takes the pair back to 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.

Support1.03001.02801.02401.02001.0155Resistance1.03301.03601.04201.04701.0510RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.0360 targeting 1.0510 and stop loss below 1.0280 might be appropriate