Morning Report

Trading continued steadily within the descending channel that represents the bearish intraday direction, as the pair nears pivotal resistance 1.0375 that is accompanied by negative signs appearing through momentum indicators. We expect to touch the mentioned resistance and start a possible bearish intraday direction; targeting 1.0230 and then 1.0170 and require 1.0375 to remain intact. The breach for this level will complete the bullish technical pattern's formation, which could lead the direct ascend towards 1.0500.

The trading range for today is among the key support at 1.0055 and the key resistance at 1.0575.

The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600.

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0375 targeting 1.0280 and stop loss above 1.0450, might be appropriate.