Morning Report

The pair managed to hold below the breached support among 1.0050-1.0075 to reverse direction attempting to test the lows again. The pair is trading near the lows around the psychological 1.0000 level, at the same time, a bearish technical pattern could be materializing as shown on chart, therefore we anticipate bearishness today, but we may see another bullish attempt affetced by the support of this technical pattern before resuming the intraday downside action.

The trading range for today is expected among the major support at 0.9950 and the major resistance at 1.0075.

The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900

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Weekly Report

RecommendationBased on the charts and explanations above, we recommend selling the pair around 1.0055 targeting 1.0000 and 0.9950, stop loss above 1.0080.