Morning Report

The pair faced strong resistance at 1.0390 which as seen on the chart formed the neckline for a bullish pattern which targets further upside moves over intraday basis. Stochastic is close to close to providing a positive crossover supporting a possible intraday upside move for today and will be confirmed with the breach of the mentioned neckline initially at 1.0500-1.0520. Those expectations remain valid as far as 1.0275 is intact.

The trading range for today is among the key support at 1.0200 and the key resistance at 1.0520.

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 with the breach of 1.0390 to 1.0520 and stop loss below 1.0275 might be appropriate