Morning Report

The pair is gradually approaching the critical resistance at 1.0405 and we can see signs of the bearish channel constructing the current short term bearishness. Stochastic provided negative signals and therefore we preserve yesterday's expectations as we see that the bearishness will prevail over intraday basis today targeting areas from 1.0260. Steady daily closing below 1.0405 is critical to preserve our expectations.

The trading range for today is among the major support at 1.0220 and the major resistance at 1.0445.

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

Previous Report

Weekly ReportSupport1.03401.02951.02601.02151.0175Resistance1.04051.04551.04701.05251.0600RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0405 targeting 1.0260 and stop loss above 1.0470 might be appropriate