Morning Report

The pair strongly pushed to the upside touching the key downside channel's resistance level highlighted above in the image, which touches SMA 50 adding more strength to it. This resistance's strength makes us expect trading to reverse to the downside to resume the bearish intraday direction; firstly targeting 0.9700. Note that the breach of 0.9835 and stabilizing above it could weaken chances of resuming the suggested bearishness and pave the way for a bullish intraday trend.

The trading range for today is among the key support at 0.9700 and the key resistance at 0.9960.

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

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RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9835 targeting 0.9700 and stop loss above 0.9900, might be appropriate.