Morning Report

The pair managed to build a base on support for the ascending channel, according to yesterday's suggested scenario, where a bullish technical pattern's neckline has been breached for it at 1.0845; paving the way for achieving more expected bullish direction. The clearly negative signs appearing on momentum indicators could pressure the pair to retest the neckline before achieving the expected bullish targets for today that start at 1.0920 then 1.1000. It is vital that 1.0770 remain intact to achieve these expectations.

The trading range for today is among the key support at 1.0770 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 1.0845 targeting 1.0920 and stop loss below 1.0770, might be appropriate.