Morning Report

The pair cancelled out the previously suggested bearish technical pattern but the top achieved yesterday is at 1.0795, stopped the pair's ascend to appear as a bearish technical pattern, where its neckline is at 1.0645. Momentum indicators support the expected bearish intraday direction that targets 1.0645 then 1.0515. It is vital that trading below 1.0825 to maintain chances of achieving these expectations.

The trading range for today is among the key support at 1.0560 and the key resistance at 1.0895.

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 with the breach of 1.0755 targeting 1.0645 and stop loss above 1.0825, might be appropriate.