Morning Report

The pair strongly pushed to the upside after building a base on the initial key target at 1.0260, although trading remains within the bearish short term channel range shown above. Momentum indicators enter overbought areas and thereby support trading continuing within the bearish channel mentioned. We expect a bearish intraday direction that depends on two factors to prevail; first, clearly breaching and stabilizing below 1.0345, second is building a base below 1.0455.

The trading range for today is among the key support at 1.0195 and the key resistance at 1.0590.

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 selling the pair with the breach of 1.0345 targeting 1.0195 and stop loss above 1.0455, might be appropriate.