Morning Report

The 38.2% Fibonacci correctional level stood as a strong resistance against the pair's attempts at descending, while the neckline for the bearish technical pattern appears to be at 1.0690, where breaching it would pave the way to head towards 1.0615 initially, as we should observe this pair's movement at this level. Meanwhile, breaching this level will lead to more descend towards 1.0500. A break of 1.0815 will make chances of achieving a bearish intraday correction fail.

The trading range for today is among the key support at 1.0500 and the key resistance at 1.0890.

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 selling the pair with the breach of 1.0690 targeting 1.0615 and stop loss above 1.0750, might be appropriate.