Morning Report

After achieving the awaited breach yesterday of 1.0560, the pair has rebounded to the upside due to the positivity on momentum indicators keeping in mind that this ascend will be wedged within both ends of the bullish wedge pattern that make us expect this ascend to be temporary. We expect the bearish intraday trend to be resumed that will start with the breach of this pattern at 1.0550 and towards the first awaited target at 1.0415. Keep in mind that stability above 1.0600 will weaken chances of achieving the bearish trend today.

The trading range for today is among the key support at 1.0415 and the key resistance at 1.0675.

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

Previous Report Weekly ReportSupport1.05501.05351.04751.04151.0380Resistance1.06001.06251.06751.07001.0750RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.0550 targeting 1.0415 and stop loss above 1.0625, might be appropriate.