Morning Report

The pair continues trading within the bearish channel that represents the bearish short term trend, while a minor symmetrical triangle formation is appearing, we expect it to breach support and then resume the bearish wave. The stochastic is showing negative crossover signs that encourage us to expect more bearish intraday movement; requiring first the breach of 1.0575 to head towards 1.0500 then 1.0430. In return, keep in mind that the breach of 1.0670 will weaken chances of continuing the suggested descend for today.

The trading range for today is among the key support at 1.0360 and the key resistance at 1.0700.

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

Weekly Report

Support1.05751.04951.04251.03801.0350Resistance1.06351.06701.07001.07851.0835RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0705 targeting 1.0495 and stop loss above 1.0835, might be appropriate.