Morning Report

Despite the medium term trend is to the downside, we believe the pair is to build a base to correct to the upside to relieve the stochastic indicator in an attempt to maintain trading above the key resistance for the intraday bearish channel. The pair is currently trading below the 20 and 50 MA, which may result in high volatility yet as far as 1.0030 is intact for today, the expected upside correction remains valid.

The trading range for today is among the key support at 0.9925 and the key resistance at 1.0360

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 1.0035 to 1.0180 and stop loss below 0.9925 might be appropriate.