Morning Report

After reaching the key support for the bullish channel, the pair surged to the upside where the pair halted at 76.4%, seen in the image above, yet the bearish signs that appeared on momentum indicators continue to pressure the pair to the downside to touch the support at 1.0290, in an attempt to gather bullish momentum. As a result, we expect the pair to incline on the intraday basis; targeting 1.0400 to support the short term incline targeting 1.0550 as far as 1.0255 is intact.

The trading range for today is among the key support at 1.0000 and the key resistance at 1.0550

The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600

RecommendationBased on the charts and explanations above, our opinion is buying the pair from 1.0290 to 1.0400 and stop loss below 1.0230 might be appropriate.