Morning Report

The pair presently achieved a breach of minor support, appearing yesterday at 1.0750, where the way is opened to touch main support 1.0700 that decides the pair's upcoming short term direction, therefore we prefer awaiting for insurance signs after touching mentioned support; where breaching this level (which is expected) paves the way for direct bearish movement towards 1.0620 that may extend towards 1.0500.

The trading range for today is among the key support at 1.0625 and the key resistance at 1.0865.

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 to avoid trading awaiting more confirmation signs for the pair’s direction, might be appropriate.