Morning Report

The pair succeeded in achieving the first awaited target at 1.0260 and rebound to the upside due to the effect of positive momentum appearing on the hourly time frame, where the pair is currently nearing 1.0345 once again. Meanwhile, momentum indicators might have lost bullish momentum, this making us expect the bearish intraday direction to be resumed in an attempt to target 1.0260 once again, then attempt a bearish trend towards 1.0190. Keep an eye on trading today cautiously, where the breach of 1.0345 holds the key to causing the bearish trend's fail in prevailing and lead to the pair towards 1.0470 initially.

The trading range for today is among the key support at 1.0135 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.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0345 targeting 1.0260 and stop loss above 1.0415, might be appropriate.