Morning Report

The pair was able to insure the breach of pivotal support, shown yesterday, at 1.0715 as the pair currently attempts a minor bullish correction to retest the breached level. On the overall, we expect a bearish intraday direction where its targets start at 1.0605 then 1.0560. Keep in mind the importance of the four-hour candlestick closing remains below 1.0715 to insure achieving these expectations.

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.

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RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0715 targeting 1.0605 and stop loss above 1.0775, might be appropriate.