Morning Report

A sideways direction is still in control of the pair's movewhere its resistance is the 38.2% extension at 1.0335, and its main support is at 1.0240 and is presented by 76.4% correction for the last bullish intraday direction. The combination of moving average are still bearish and point that the medium term direction is still bearish; whereas, momentum indicators show a case of positive reversal as the bearish direction strength is fallingaccording toADX where the D- indicator fell sharply. These technical patterns make us expect that the pair will reattempt another ascend and breach 1.0335 towards the 61.8% extension at 1.0400 and then main resistance for the bearish direction at 1.0435, where this expectation will prevail if 1.0240 remains intact. We should warn that the breach of 1.0220 and remaining below it will cancel any bullish correction.

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 (so far) 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 at 1.0240 and targeting 1.0400 and stop loss below 1.0180, might be appropriate