Morning Report

The pair's trading is stilltrapped below the breached key support that has currently turned into resistance while ascending towards 1.0710. The clear overbought signs appearing on momentum indicators support this resistance's volatility and therefore we see that a bearish intraday direction is expected; targets start at 1.0605 then 1.0565. It is vital that the four hour candlestick closing remain below 1.0710.

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 ReportSupport1.06701.06401.06051.05651.0505Resistance1.07151.07451.07951.08401.0895RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0710 targeting 1.0605 and stop loss above 1.0795, might be appropriate.