The 61.8% Fibonacci correctional levelheld its stance in front of the pair's attempts to ascend, as expected yesterday. However, after ending this bullish correction we expect a bearish reversal that will push the pair to achieve the bearish trend over an intraday basis; requiring trading to remain below the MA 50 - at 1.0605 - to achieve it and pave the way towards targets 1.0565 then 1.0505. Keep in mind that any stability above 1.0675 and points to chances of a return towards the bullish short term direction.
The trading range for today is among the key support at 1.0505 and the key resistance at 1.0745.
The short term trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.
Previous Report Weekly ReportSupport1.06051.05651.05051.04851.0425Resistance1.06751.07151.07451.07951.0840RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0675 targeting 1.0565 and stop loss above 1.0745, might be appropriate.