Morning Report

The pair yesterday showed two conflicting directions for the technical patterns. The first pattern is bearish as its neckline is at 1.0530, holding the ability to push the pair towards correcting to the downside as the last bullish wave that has started from levels 1.0245; whereas the second bullish direction that initially stands to bearish correct, as mentioned above. Therefore, settling at the bottom achieved yesterday around 1.0520. From here, we point out the importance of observing the mentioned pivotal levels that is able to insure the pair's channel for today.

The trading range for today is among the key support at 1.0400 and the key resistance at 1.0745.

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 the breach of 1.0585 targeting 1.0655 and stop loss below 1.0525, or selling the pair with the breach of 1.0530 targeting 1.0445 and stop loss above 1.0590, might be appropriate.