Morning Report

The pair set a strong breach for the resistance level mentioned yesterday at 1.0415 and about to form a bullish pattern as seen on the chart above. We expect volatility and fluctuation with a downside bias for the pair to consolidate at 1.0420 to gain enough bullish momentum to continue the general upside move for today; it initially requires the breach of 1.0500 to open the way towards 1.0600 while trading must prevail above 1.0365 with four-hour closing.

The trading range for today is among the major support at 1.0300 and the major resistance at 1.0700.

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

RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0420 targeting 1.0500 and stop loss below 1.0365, might be appropriate