Morning Report

The pair is stuck between the negativity from SMA 50, alongside trading within the descending short term channel in addition to breaching the psychological barrier 1.0000. In response, the positive signs from momentum indicators are preventing the pair from continuing the bearish trend, where we expect this positivity to push to retest the breached pivotal support level around 1.0000 followed by a reversal the pair can resume through it the expected bearish intraday direction. The awaited targets start at 0.9815 then 0.9700, but keep in mind that if the pair builds a base above 1.0000 could postpone resuming the targets for some time.

The trading range for today is among the key support at 0.9700 and the key resistance at 1.0140.

The short term trend is to thedownside as far as 1.0665 remains intact with targets at 0.9000.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0000 targeting 0.9815 and stop loss above 1.0140, might be appropriate.