Morning Report

The ascending short term channel will continue controlling the pair's trading, due to additional pressure from the MA 50. The stochastic is showing negative signs that may force the pair to build a base once more on support for the ascending channel - currently at 1.0760 - before resuming the expected bullish intraday direction, where its primary targets are between 1.0900 - 1.0920. Keep in mind that the four hour closing must remain above 1.0760, so chances of these expectations may prevail.

The trading range for today is among the key support at 1.0645 and the key resistance at 1.1000.

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 from 1.0760 targeting 1.0900 and stop loss below 1.0645, might be appropriate.