Morning Report

The pair was not able to remain within the ascending channel, where it declined to complete forming the bearish technical pattern with its neckline at 1.0715. Chances of breaching it remain intact, therefore making us expect a bearish intraday trend that will start with the breach of mentioned support and head towards technical targets at 1.0605 then 1.0560. These expectations require trading to remain below 1.0775.

The trading range for today is among the key support at 1.0560 and the key resistance at 1.0850.

The general trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.

Previous Report Weekly Report

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 1.0775, might be appropriate.