Morning Report

The pair is organizing its trading within the descending channel, which insures yesterday's suggested scenario even more. The bearish technical pattern's neckline is at 1.0670, where the pair is currently attempting to breach it and should pave the way to achieve more expected bearish direction over an intraday basis; initially targeting support for the descending channel at 1.0575 then 1.0535. the current short term wave requires trading to remain below 1.0775 to prevail.

The trading range for today is among the key support at 1.0535 and the key resistance at 1.0805.

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 1.0670 targeting 1.0670 and stop loss above 1.0730, might be appropriate.