Morning Report

The narrow trading the pair has been attempting since yesterday stabilized below the MA 50, where it will continue negatively pressuring the pair. We still witness chances of achieving some minor bearish movement to build a base on main support 1.0550, followed by a bullish rebound that the pair will resume through it the current bullish wave. From here, we expect an overall bullish intraday direction in trading; targets start from 1.0645 then 1.0715, supported by the awaited positive support from momentum indicators. Keep in mind that the breach of 1.0550 will weaken chances of an expected bullish direction.

The trading range for today is among the key support at 1.0550 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.

RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0550 targeting 1.0645 and stop loss below 1.0495, might be appropriate.