Morning Report

The pair strongly pushed to the upside breaching resistance for the sideway range shown above, which currently resides aboveSMA 50. Yesterday's closing was below 1.0405 and thereby maintaining chances of returning within the bearish path intact, although we may witness some minor upside movement today that may touch 1.0470 before continuing the expected bearish intraday trend.

The trading range for today is among the key support at 1.0180 and the key resistance at 1.0470.

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

Previous Report Weekly Report

Support1.04051.03401.02801.02101.0180Resistance1.04701.05251.06001.06351.0670RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0470 targeting 1.0340 and stop loss above 1.0550, might be appropriate.