Morning Report

The pair managed to achieve stability below pivotal support 1.0790, where it seems that trading within the bearish short term channel shown above will prevail. Momentum indicators are showing clear oversold signs that could push the pair to ascend and retest the breached pivotal support before resuming the expected bearish intraday direction; where its primary targets are around 1.0600. Keep in mind that the breach of 1.0835 will end trading within the mentioned bearish channel as the pace will make the pair return within the bullish trend once again.

The trading range for today is among the key support at 1.0600 and the key resistance at 1.0835.

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

Previous Report Weekly Report

Support1.07251.06951.06451.05951.0560Resistance1.07901.08351.08801.09251.0970RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0790 targeting 1.0645 and stop loss above 1.0880, might be appropriate.