Morning Report

The negative pressure coming from momentum indicators has caused the pair to decline towards pivotal support 1.0390, whereas the four hour candles continue to close above it; thus, maintaining chances of returning to resume the bullish direction. The stochastic is entering oversold areas and therefore maintaining our previous expectations of achieving a possible bullish intraday direction; where its main target is at 1.0505 as we keep in mind the importance of the four hour candle remaining above 1.0390 to insure achieving this expected bullish direction.

The trading range for today is among the key support at 1.0235 and the key resistance at 1.0595.

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

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RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0390 targeting 1.0505 and stop loss below 1.0300, might be appropriate.