Morning Report

The pair touched the mentioned top around 1.0680 as it returned once again to descend to face support amidst the bullish channel shown above, which represents support for the rising wedge pattern, where we expect the pair to breach it with negative support from momentum indicators. The awaited support level that is awaited to be breached is around 1.0615, which paves the way towards 1.0555 then 1.0470. Keep in mind that the intraday bearish trend will remain intact as long as trading is below 1.0680.

The trading range for today is among the key support at 1.0470 and the key resistance at 1.0720.

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

Weekly ReportSupport1.06151.05551.04701.04051.0350Resistance1.06801.07401.08251.08951.0960RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0680 targeting 1.0555 and stop loss above 1.0740, might be appropriate.