Morning Report

The pair returned to trade near support for the previously breached ascending channel that has currently turned into resistance at 1.0705. The stochastic and RSI are showing clear overbought signs; therefore, we maintain our previous expectations of a bearish intraday direction that requires the four-hour candlestick to remain intact below 1.0705. Technical targets start at 1.0620 then 1.0505.

The trading range for today is among the key support at 1.0505 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.

Previous Report Weekly ReportSupport1.06701.06201.05651.05051.0485Resistance1.07051.07451.07951.08401.0895RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0705 targeting 1.0565 and stop loss above 1.0795, might be appropriate.