Morning Report

The pair was not able to surpass resistance for the ascending channel shown above, which therefore makes us expect trading to continue naturally within this channel, where the expectations of the pair achieving a bearish intraday movement is possible; targeting initially 1.0755 and supported by the minor bearish technical pattern, where its necklineresides at 1.0810. The four hour closing above 1.0895 will pave the way to resume the bullish trend without the current need for a bearish correction.

The trading range for today is among the key support at 1.0755 and the key resistance at 1.1000.

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

Previous Report Weekly ReportSupport1.08451.07951.07551.07151.0670Resistance1.08951.09451.10001.10501.1100RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.0845 targeting 1.0755 and stop loss above 1.0895, might be appropriate.