Morning Report

The pair was able to achieve a clear breachfor thesupportof the main ascending channel that has turned into resistance presently at 1.0565. The side image shows stability below it, thus making us expect more bearish movement over an intraday basis after retesting the mentioned breached level, where main targets start from 1.0425. This suggested scenario will remain intact if do not witness a four-hour closing above 1.0565.

The trading range for today is among the key support at 1.0425 and the key resistance at 1.0620.

The short term trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.

Weekly Report Previous Report

RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0565 targeting 1.0425 and stop loss above 1.0620, might be appropriate.