Morning Report

The pair halted its downside trend around 76.4% Fibonacci correction where it is currently now wedged above this level and below the previously breached 61.8% level. Stochastic is giving off clear negative signs that make us expect a breach of pivotal support 1.0355, which has become the neckline for the bearish technical pattern. Therefore, we see that the expected direction is a bearish one over an intraday basis; targets start at 1.0265 then 1.0180. The suggested bearish direction requires stability below 1.0510 to prevail.

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

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Weekly Report

Support1.0355 1.0310 1.0265 1.0210 1.0180 Resistance1.04201.0475 1.05101.05801.0635RecommendationAfter achieving morning expectations, our opinion is observing the pair’s movement to insure its upcoming direction.