Morning Report

The pair is trading according to yesterday's suggested scenario, but is constantly finding difficulty in surpassing critical support around 0.9920. The strength of this level supports the positive momentum currently appearing through stochastic, where the scenario could help retest the breached psychological barrier at 1.0000 before heading towards resuming the expected bearish intraday direction. Note that stability above 1.0000 could postpone resuming the desired bearish trend.

The trading range for today is among the key support at 0.9815 and the key resistance at 1.0130.

The short term trend is to the upside 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 1.0130, might be appropriate.