Morning Report

The pair rushed the upside yesterday within the bullish correction, where it halted at 61.8% Fibonacci around 1.0490 and is accompanied by momentum indicators entering overbought areas. Keep in mind that trading is wedged within the rising wedge pattern targeting naturally the breach of the support currently at 1.0490. We expect a bearish intraday trend that requires first confirming the breach of the mentioned support in addition to building a base below 1.0525.

The trading range for today is among the key support at 1.0275 and the key resistance at 1.0580.

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

Previous Report

Weekly Report

Support1.04901.04351.03651.03101.0275Resistance1.04751.05251.05801.06351.0675RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.0490 targeting 1.0435 and stop loss above 1.0525, might be appropriate.