Morning Report

The pairapproachedyesterday's awaited main target around 1.0340 and bullishly rebound to be wedged between 50% and 38.2% Fibonacci correction.Stochastic is attempting to show a negative crossover that make us expect more bearish intraday movement that will initially start with the breach of 1.0405 and head towards 1.0305 then 1.0265. It is vital that stability is achieved below 1.0480 to insure chances of achieving these expectations.

The trading range for today is among the key support at 1.0265 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 ReportSupport1.04051.03401.03051.02651.0215Resistance1.04801.05001.05501.06001.0635RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.0405 targeting 1.0305 and stop loss above 1.0480, might be appropriate.