Morning Report

The pair's trading stabilized below support mentioned yesterday that has returned to become resistance at 1.0715, in addition tothat itcamebelow MA 50. This makes us expect a bearish intraday direction; targeting 1.0605 then 1.0515. These expectations require the four hour candlestick closing to remain below 1.0740 to prevail.

The trading range for today is among the key support at 1.0515 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 1.0795, might be appropriate.