The pair ended yesterday's trading below the 50 MA -currently at 1.0640- and accordingly yesterday's bearish expectations remain valid. Trading is sideways among 1.0675 and 1.0560, while Stochastic signals south and therefore we expect a downside intraday move activated with the breach of 1.0560 targeting areas starting from 1.0415. Breaching areas of 1.0675 fails our bearish expectations.
The trading range for today is among the major support at 1.0415 and the major resistance at 1.0750.
The short term trend is to the upside as far as 1.0200 is intact with targets at 1.2295.
Weekly ReportSupport1.05601.05351.04751.04151.0380Resistance1.06751.07001.07501.07851.0835RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.0560 targeting 1.0415 and stop loss above 1.0675 might be appropriate