Morning Report

The pair strongly pushed to the upside to retest support for the previously breached bullish channel that has currently turned into resistance at 1.0460 and meets with 61.8% Fibonacci correction level for the last bearish wave, in line with momentum indicators entering overbought areas. This makes us expect the bearish intraday trend to resume and head towards 1.0265 then 1.0175. Keep in mind that building a base above 1.0460 will make the pair return within the bullish direction and end chances of achieving the bearish correction the pair is currently attempting.

The trading range for today is among the key support at 1.0175 and the key resistance at 1.0550.

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

Previous Report Weekly ReportSupport1.03301.02651.02151.01751.0125Resistance1.04101.04601.05051.05501.0585RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.0330 targeting 1.0175 and stop loss above 1.0410, might be appropriate.