Morning Report

The pair attempted to breach the suggested neckline yesterday, but the strength of support levels from the ascending channel, MA 50 and 76.4% Fibonacci correction combined have prevented achieving more bearish movement - the chart above shows support levels -.Stochastic supports attaining more upside movement within the descending channel; therefore we expect to touch resistance at 1.1635 before continuing the bearish intraday direction, where targets start at 1.1505 then 1.1465. The breach of 1.1635 will pave the way to return within the previously breached bullish path.

The trading range for today is among the key support at 1.1400 and the key resistance at 1.1635.

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

Previous Report Weekly ReportSupport1.15051.14651.14301.13851.1300Resistance1.15801.16351.17101.17901.1825RecommendationBased on the charts and explanations above our opinion is selling the from 1.1635 targeting 1.1505 and stop loss above 1.1710, might be appropriate.