The pair succeeded in trading according to yesterday's suggested scenario perfectly, managing to stabilizearound the awaited target 1.0500. The pair finds strong support at this level which could push it towards resistance for the bearish short term channel that has currently descended to 1.0570, before heading for more expected bearish movement over an intraday basis; technical targets start at 1.0425 then 1.0350. For the bearish trend to prevail it requires trading to remain below 1.0570 - 1.0600.
The trading range for today is among the key support at 1.0350 and the key resistance at 1.0640.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
Previous Report Weekly Report
Support1.05001.04251.03801.03501.0315Resistance1.05701.06001.06301.06651.0700RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0570 targeting 1.0425 and stop loss above 1.0665, might be appropriate.