Morning Report

The pair returned to retest 61.8% Fibonacci correction at 1.0470 once again yesterday; therefore remaining intact in front of the pair's ascend. This stance alongside overbought signs appearing through momentum indicators are factors that encourage us to expect a bearish intraday direction; targeting first 1.0330 and requires the four-hour candlestick closing stability below 1.0470.

The trading range for today is among the key support at 1.0270 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 Report

Support1.04101.03301.02601.02151.0175Resistance1.04701.05051.05501.05851.0630RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0470 targeting 1.0330 and stop loss above 1.0550, might be appropriate.