Morning Report

The pair was able to stabilize above MA 50, currently forming vital support at 1.0645. We expect the pair to build a base that will help it resume the expected bullish wave over an intraday basis that is targeting mainly 1.0715 followed by 1.0790. Signs of a bullish technical pattern currently forming are appearing, where the breach of 1.0690 that is expected to activate this pattern, where it will play a role in speeding up the suggested scenario today.

The trading range for today is among the key support at 1.0560 and the key resistance at 1.0790.

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 1.0645 targeting 1.0745 and stop loss below 1.0560, might be appropriate.