Morning Report

The pair continued its upwards touching the first target around 1.0715 and reversing to attempt a bearish correction due to negative signs appearing on momentum indicators. We can expect to touch 1.0660 followed by resuming the expected bullish trend over intraday basis, where upcoming targetsresidearound 1.0795 then 1.0840. This scenario requires the four-hour closing to remain above 1.0640.

The trading range for today is among the key support at 1.0595 and the key resistance at 1.0840.

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 1.0660 targeting 1.0795 and stop loss below 1.0595, might be appropriate.