Morning Report

The pair has returned to trade below the ascending channel's support level, while a sign of a bearish technical target is appearing where its neckline is at 1.0715. These signs point to a bearish intraday direction that will start with a clear breach of the neckline to pave the way towards 1.0605 then 1.0565. These expectations require the four-hour candlestick closing to remain below 1.0760 to prevail.

The trading range for today is among the key support at 1.0605 and the key resistance at 1.0850.

The short term trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.

Previous Weekly Weekly ReportSupport1.07051.06701.06051.05651.0505Resistance1.07401.07901.08501.08951.0945RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0715 targeting 1.0605 and stop loss above 1.0790, might be appropriate.