Morning Report

Main support of1.0490 showed its strength , therefore pushing it to ascend once again tomake some minor bullish correction. We expect to retest 1.0605 and meet with MA 50, followed by an expected bearish reversal that will lead the pair to achieving a possible bearish direction over a short term trend; targeting 1.0490 to pave the way for upcoming targets that start at 1.0425. Keep in mind that the breach of 1.0645 and stabilizing above it will weaken chances of achieving this scenario.

The trading range for today is among the key support at 1.0425 and the key resistance at 1.0725.

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 from 1.0605 targeting 1.0490 and stop loss above 1.0695, might be appropriate.