Morning Report

The pair retested the previously breached pivotal support at 1.0645, where current trading is wedged between this level and the support level for the descending short term channel. Momentum indicators are showing positive signs that make us expect trading to continue over a short term trend within the descending channel; therefore, we expect a bullish intraday direction that targets 1.0645 then breach to pave the way to reach this channel's resistance at 1.0715. Keep in mind that the breach of 1.0495 will point out that the bearish short term wave will resume.

The trading range for today is among the key support at 1.0425 and the key resistance at 1.0715.

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 buying the pair from 1.0520 targeting 1.0645 and stop loss below 1.0425, might be appropriate.