Morning Report

The 38.2% Fibonacci correctional levelrepresents a barrier in front of the pair's fluctuation within a narrow range since yesterday. we still await the retest of the previously breached support that has presently ascended towards 1.0640, then resumed the bearish trend for today. The awaited targets are mainly around 1.0350, while keeping in mind the importance of resistance levels remaining between 1.0640 - 1.0660 to insure achieving the suggested scenario.

The trading range for today is among the key support at 1.0500 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.

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RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0640 targeting 1.0500 and stop loss above 1.0745, might be appropriate.