Morning Report

The sudden descend for the pair has allowed it through it to reach a reversal intraday direction 1.0575, making our expectations fail throughout yesterday's trading; however, at the same time the pair was not able to achieve a clear close below 1.0575, therefore maintaining the intraday direction as is where we think that the bullish direction could return to appear throughout trading today. It is vital that trading return to trade above 1.0625 to insure the direction, where trading above clear support in green, shown above, insures our expectations and the possibility of a bullish technical pattern appearing, which will be insured to return and trade above the mentioned 1.0625, thus insuring these expectations.

The trading range for today is among the key support at 1.0470 and the key resistance at 1.0715.

The short term 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 1.0580 targeting 1.0720 and stop loss below 1.0470, might be appropriate.