Morning Report

The pair is trading within the sideway channel that controls trading since the middle of last month, with bullish signs offered by the stochastic alongside currently trading above SMA 50; thus, providing us with chances of reaching this range's resistance at 1.0560 as we expect the pair to obtain bearish momentum that is enough to push the pair to the downside once again. In overall, we can expect to witness a bearish intraday direction that initially targets attacking 1.0395 and then paved the way towards the next target at 1.0280, but keep in mind the importance of stabilizing below 1.0560 to insure chances of these expectations.

The trading range for today is among the key support at 1.0280 and the key resistance at 1.0645.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0560 targeting 1.0395 and stop loss above 1.0645, might be appropriate.