Morning Report

The negative pressure on the pair continued due to the effect of support for the previously breached bearish intraday trend that has turned into resistance, as it maintains pushing the pair to move to the downside shown above in the chart - the blue spaced line -. The triangular pattern currently appearing is showing signs that the expected bearish intraday direction will prevail, but fluctuation within this triangle is required to gain enough bearish momentum to support expectations. The awaited main targets are around 1.0970 - 1.0925, although keep in mind that the breach of resistance between 1.1115 - 1.1140 could postpone the expected descend and push the pair towards levels that may directly reach 1.1260.

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 ReportSupport1.10701.10301.09701.09251.0875Resistance1.10951.11151.11401.12151.1260RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.1095 targeting 1.0970 and stop loss above 1.1140, might be appropriate.