Morning Report

The pair is finding a hard time in breaching pivotal support 1.0500 due to the effect of bullish momentum that appears on the four-hour chart, which could push the pair to ascend and touch 1.0560 before returning to resume the mentioned bearish direction. We can expect a bearish intraday direction in overall that requires the four-hour closing below 1.0560 to head towards 1.0425 then 1.0350.

The trading range for today is among the key support at 1.0350 and the key resistance at 1.0665.

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

Previous Report Weekly Report

Support1.05001.04251.03801.03501.0315Resistance1.05601.06001.06351.06651.0700RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0560 targeting 1.0425 and stop loss above 1.0635, might be appropriate.