Morning Report

The pair touched the descending channel's resistance level once again, where it is attempting to start an expected bearish intraday direction highlighted in our reports yesterday. Stochastic is moving to the downside, while RSI is in overbought areas; therefore reinforcing today's expectations of a downtrend. Essential factors needed to resume this scenario are represented in a clear breach and base built below levels 1.0140 - 1.0115, alongside stability below 1.0195.

The trading range for today is among the key support at 0.9925 and the key resistance at 1.0285.

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 around 1.0195 targeting 1.0000 and stop loss above 1.0285, might be appropriate.