The pair was able to breach the awaited support yesterday at 1.0555 nearing closely primary targets around 1.0470, while quickly rebounding to the upside due to the effect of the MA 100 that forms strong support in front of the pair's descend. We see that current trading will retest breached support and therefore we can expect a bearish trend over an intraday basis; targets start at 1.0470 then 1.0405. Keep in mind that the breach of 1.0580 and building a base above it will postpone the suggested scenario.
The trading range for today is among the key support at 1.0405 and the key resistance at 1.0670.
The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
Previous Report Weekly Report
Support1.05351.04701.04051.03501.0305Resistance1.05551.06351.06701.07401.0825RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0555 targeting 1.0405 and stop loss above 1.0670, might be appropriate.