Morning Report

As suggested in yesterday's scenario, the pair isinclined sharply and currently stabilizes around the suggested target at 1.0720. Classically, we see that the pair stabilized above MA 20 as well as 50, alongside stabilizing around 23.6% correction, shown above, which could more possible bullish direction today. We will not rule out bearish correction and major fluctuations due to overbought areas on momentum indicators on the four hour chart shown in the side image, which could effect the overall expected bullish direction.

The trading range for today is among the key support at 1.0575 and the key resistance at 1.0905.

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 1.0670 targeting 1.0840 and stop loss below 1.0600, might be appropriate.