Morning Report

The pair achieved the first awaited target at 1.0615 - 61.8% Fibonacci correction - where it has started its bullish rebound, while trades are within the minor descending channel that represents the flag pattern. We expect a bullish intraday direction, supported by positive signs appearing through momentum indicators that has started breaching 1.0695; targeting mainly today 1.0830. The breach of 1.0615 could lead to a direct descend towards 1.0500.

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 buying the pair with the breach of 1.0690 targeting 1.0830 and stop loss below 1.0615, might be appropriate.