Morning Report

The pair rushed towards attacking the main resistance at 1.0270 again, but was not able to achieve a clear breach for this level; hence, keeping the bearish trend shown in our previous report intact.Over four-hour basis,the pair has neared forming a bearish technical pattern, where its neckline is at 1.0160 and supportwd bynegative signs on Stochastic. Thus, we expect a bearish trend over an intraday basis for today, which requires a clear breach of 1.0160 for it to prevail and then heading towards 1.0030 as a primary target for the expected downside move for today. Chances of a bearish trend will continue if the daily closing remains below 1.0270.

The trading range for today is among the key support at 1.9975 and the key resistance at 1.0435.

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 selling the pair with the breach of 1.0160 and targeting 1.0030 and stop loss above 1.0240, might be appropriate