Morning Report

The pair touched the awaited level since yesterday 1.0605, accompanied by negative signs appearing through the stochastic. These signs will maintain yesterday's expectations intact, where we await a bearish intraday direction today; targeting first the breach of pivotal support 1.0485 then heading towards 1.0425. The suggested scenario will prevail if 1.0665 remains intact.

The trading range for today is among the key support at 1.0425 and the key resistance at 1.06555.

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 1.0605 targeting 1.0485 and stop loss above 1.0660, might be appropriate.