Morning Report

The first chart shows that the pair moved to the upside surpassing yesterday's pivotal resistance level at 1.0080, while the second image highlights that this ascend was due to the retest of the previously breached bearish trend's resistance level on its way towards retesting the ascending correction's support level, highlighted in our previous reports that have been breached and have been strongly supported, according to the chart above. Present resistance levels facing the pair are between 1.0140 - 1.0165, where the pair will reverse to the downside after touching these levels on their way to resume the expected bearish intraday direction. Stochastic appearing through the four hour interval supports resuming this reversal, but note that breaching previously highlighted resistance levels and building a base above it will weaken chances of achieving the desired expectations.

The trading range for today is among the key support at 0.9925 and the key resistance at 1.0250.

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

Previous Report

Weekly Report

Support1.00801.00000.99250.98750.9815
Resistance1.01401.01651.02051.02501.0325
RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0140 targeting 0.9925 and stop loss above 1.0250, might be appropriate.