The pair managed to reach midway towards yesterday's awaited target, although trading rebounded to the upside to breach resistance for the descending channel that organizes the last bearish wave's trading, due to minor bullish technical pattern that will carry the pair to retest the previously breached neckline for the bearish technical pattern once again asshown above at 1.0330. Momentum indicators are entering overbought areas, thus making us expect the pair to achieve the expected bearish overall trend today; the first main target is at 1.0100. It is vital that a base is built above 1.0330 to postpone the expected bearish direction and carry the pair upwards to reach and retest support for previously breached bullish short term trend, which has turned into resistance at 1.0450.
The trading range for today is among the key support at 1.0100 and the key resistance at 1.0450.
The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
Previous Report Weekly Report
Support1.02601.02151.01601.01251.0080Resistance1.03301.04151.04501.04801.0585RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0330 targeting 1.0215 and stop loss above 1.0410, might be appropriate.