Morning Report

The MA 50 is impeding the pair's attempts to achieve more bearish direction, due to support from momentum indicators. We expect the negative pressure on support levels to be followed by a breach to pave the way to achieve the expected bearish intraday direction; targeting first 1.0605 - 38.2% Fibonacci correctional level-. The expected bearish direction's conditions represented in the breach of support 1.0715 will prevail if trading remains below 1.0825.

The trading range for today is among the key support at 1.0605 and the key resistance at 1.0825.

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 1.0715 targeting 1.0605 and stop loss above 1.0785, might be appropriate.