The negative momentum has pressured the pair to the downside yesterday to trade below the key support 1.0825; but in return, the 76.4% Fibonacci correction at 1.0790 was a strong barrier against further bearishness. Stochastic is unloading the negative momentum and provided a positive crossover which make us expect a bullish intraday direction activated with the breach of 1.0825 and building a base above then heading towards 1.0880 and 1.0970. Note that breaching 1.0790 extends the bearish possibility and will make us reconsider our expected bullish reversal from yesterday's reports.
The trading range for today is among the key support at 1.0695 and the key resistance at 1.0970.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
Previous Report Weekly Report
Support1.07901.07251.06951.06451.0600Resistance1.08251.08801.09251.09701.1045RecommendationBased on the charts and explanations above our opinion is buying the pair with stability above 1.0825 targeting 1.0970 and stop loss below 1.0725, might be appropriate.