Morning Report

The pair continues to trade sideways among 0.9920 and 1.0000 with strong resistance from the psychological and previously breached 1.0000. The SMA 50 and the short term descending channel's resistance are adding more strength to this level; therefore we support the likelihood of a bearish intraday move for today targeting 0.9815 and 0.9700. Breaching the resistance areas among 1.0000-25 and stability above it will make us reconsider the intraday bearishness.

The trading range for today is among the major support at 0.9700 and the major resistance at 1.0115.

The short term trend is to the upside as far as 0.9925 remains intact targeting 1.1485.

 
Support0.99200.98750.98150.97500.9700
 
Resistance1.00001.00251.01151.02001.0245
 
RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0000 targeting 0.9815 and stop loss above 1.0115 might be appropriate