Morning Report

The pair continued yesterday's bullish direction surpassing pivotal resistance levels and most importantly 1.0275 then 1.0300, accompanied by the bullish technical pattern that has been insured by the breach of 1.0300; therefore, providing the possibility of witnessing a bullish rebound to the upside. The clear overbought signs appearing through momentum indicators could cause some fluctuation to retest 1.0300. In overall, we can expect a bullish intraday trend that targets 1.0405 then 1.0470, keeping in mind the breach of 1.0235 that will weaken chances of achieving this ascend and lead to resuming the bearish direction that the pair has started on the 20th of July.

The trading range for today is among the key support at 1.0200 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.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.0300 targeting 1.0405 and stop loss below 1.0255, might be appropriate.