Morning Report

The pair managed to achieve the breach of pivotal support 1.0700, while the daily closing is below it and makes us expect a more possible bearish intraday. The pair is presently near to the first target 1.0620, met by the MA 100 that could pressure the pair to attempt some bullish correction supported by positive signs coming from momentum indicators. The expected bearish trend requires trading to remain below 1.0720 and target 1.0500 primarily.

The trading range for today is among the key support at 1.0500 and the key resistance at 1.0800.

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 from 1.0720 targeting 1.0620 and stop loss above 1.0800, might be appropriate.