Morning Report

The pivotal support level 1.0500 showed a strong stance in front of yesterday's retesting; where it started a bullish intraday wave that we expect will dominate trading today. Therefore, we see that the expected direction for today is bullish; supported by trading abovethe keysupport for the previously breached short tern wave - currently at 1.0570 - and targets 1.0700. It is vital that 1.0465 remain intact to achieve the expected ascend.

The trading range for today is among the key support at 1.0465 and the key resistance at 1.0700.

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 1.0570 targeting 1.0700 and stop loss below 1.0465, might be appropriate.