Morning Report

The pair continues to fluctuate among the shaded range bound, where a possible rounding bottom could be developing, meanwhile, stochastic has entered overbought areas. If price manages to surpass 1.0040 we may see a push higher towards the top of the range at 1.0070, before attempting to the downside again. While a breach and steady trading above 1.0070 shall extend gains further.

The trading range for today is expected among the key support at 0.9890 and the key 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 1.0070 targeting 1.0030 and 0.9980, stop loss above 1.0100.