Morning Report

The pair was able to bullishly correct to return within the previously breached sideway range, whereas Stochastic is entering overbought areas that make us expect this bullish correction to limited to 38.2% Fibonacci at 1.0455, which meets withSMA 50. Thus, we can expect to see a bearish intraday direction that requires a clear breach of 1.0395 once again, since this scenario requires stability below 1.0560.

The trading range for today is among the key support at 1.0200 and the key resistance at 1.0560.

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

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.0395 targeting 1.0280 and stop loss above 1.0470, might be appropriate.