Morning Report

After touching the initial key target at 1.0105, the pair rebounded to the upside to gradually near the awaited retest level at 1.0200. The stochastic is still showing oversold signs that support the suggested retest, but we expect a bearish reversal to follow as the pair achieves through it the expected bearish direction for today; targeting once again 1.0105 then 1.0000. We recommend being careful in trading today, where vital Canadian data is expected today as of 11:00 GMT, followed by unemployment data from the US.

The trading range for today is among the key support at 0.9925 and the key resistance at 1.0300.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0200 targeting 1.0105 and stop loss above 1.0265, might be appropriate.