Morning Report

The pair managed to achieve thebreakout below thesupport that maintains pushing the pair upwards since the beginning of this month, where 1.0715 has become to represent the neckline for the bearish technical pattern that has been completed its formation; therefore we await a clear breach of this level, which will pave the way towards achieving the expected bearish intraday direction, as its targets start from 1.0640 then 1.0605. Keep in mind that the breach of 1.0795 will make the bullish trend pace return once more.

The trading range for today is among the key support at 1.0605 and the key resistance at 1.0795.

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 selling the pair with the breach of 1.0715 targeting 1.0605 and stop loss above 1.0795, might be appropriate.