Morning Report

After yesterday's volatile bullish wave; the pair returned to correct to the downside move, mentioned in yesterday's report, where it retested breached resistance levels, where the most currently obvious one being 1.0250. The stochastic is nearing oversold areas that are inline with the pair reaching new support - breached resistance - at 1.0250, where it is supposed to make the pair rebound to start an intraday short term bullish wave that targets 1.0400 and then 1.0500. Chances of achieving the expected bullish direction for today remains intact if the four-hours closing holdsabove 1.0210.

The trading range for today is among the key support at 0.9975 and the key resistance at 1.0500.

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 at 1.0250 and targeting 1.0400 and stop loss below 1.0175, might be appropriate