Morning Report

The pair strongly pushed to the upside, where trading stabilized between 23.6% and 38.2% Fibonacci correction. There seems to be signs of a harmonic bearish pattern that will be formed at the achieved peak from yesterday at 1.0780, accompanied by negative signs coming from momentum indicators that make us expect a bearish intraday direction; targeting the attack of pivotal support 1.0615. Initially, we need a four-hour closing below 1.0685 to support these expectations.

The trading range for today is among the key support at 1.0460 and the key resistance at 1.0840.

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 1.0685 targeting 1.0615 and stop loss above 1.0730, might be appropriate.