Morning Report

A bearish technical pattern appears over four-hour basis above, where the pair's neckline is at 1.0495. This pattern in addition to the strength of 76.4% Fibonacci correction that appeared yesterday are factors that make us expect a bearish intraday trend, which will start with the breach of the mentioned neckline to pave the way towards 1.0365. We point out that any stability above 1.0580 will cause the expected bearishness to fail.

The trading range for today is among the key support at 1.0365 and the key resistance at 1.0675.

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

Previous Report Weekly ReportSupport1.04951.04251.03401.02751.0210Resistance1.05801.06351.06751.07451.0825RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.0495 targeting 1.0365 and stop loss above 1.0580, might be appropriate.