The pair resumes yesterday's bearish trend after retesting support for the previously breached bullish channel, pointed out in our midday report yesterday. Through the four-hour chart, the pair was able to breach the neckline for the bearish trend at 1.0480 that makes us expect that the pair will witness a bearish intraday direction; primary targets start at 1.0340. We could witness some fluctuation due to the positivity on momentum indicators to retest the mentioned neckline, before achieving the bearish targets that require stability below 1.0540 to prevail.
The trading range for today is among the key support at 1.0265 and the key resistance at 1.0540.
The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
Previous Report Weekly Report
Support1.04351.04051.03401.03051.0265Resistance1.04801.05001.05651.06001.0635RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0480 targeting 1.0340 and stop loss above 1.0565, might be appropriate.