Morning Report

The pair continues its negative pressure on 50% Fibonacci correction at 1.1115, where we see that the key to continue the bearish correctional wave that targets 61.8% around 1.0970. Momentum indicators are showing clear oversold signs and thereby impeding the pair's attempt to descend; thus, we may witness fluctuations around the breached level in an attempt to gather enough bearish momentum to achieve the expected bearish intraday trend. Chances of achieving these expectations will prevail is trading remains below 1.1215.

The trading range for today is among the key support at 1.0925 and the key resistance at 1.1215.

The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.

Previous Report Weekly ReportSupport1.10701.10301.09701.09251.0875Resistance1.11151.11701.12151.12601.1320RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.1115 targeting 1.0970 and stop loss above 1.1215, might be appropriate.