Morning Report

The pair stabilized above the broken neckline shown yesterday, while achieving halfway towards the first awaited target at 1.1250. Some fluctuation is expected to newly retest the breached neckline due to the clear negative effects appearing on momentum indicators. In overall, we see that the direction is bullish over intraday basis, where key targets remain at 1.1250 then 1.1290. It is vital that 1.1050 remain intact to maintain the expected scenario intact.

The trading range for today is among the key support at 1.1050 and the key resistance at 1.1290.

The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.

Previous Report Weekly ReportSupport1.11201.10701.10501.09851.0925Resistance1.11851.12501.12901.13151.1355RecommendationBased on the charts and explanations above our opinion is buying the pair above 1.1120 targeting 1.1250 and stop loss below 1.1050, might be appropriate.