Morning Report

The pair is fluctuating around pivotal resistance 1.0460 after finding a hard time surpassing this level, due to this resistance touching the MA 50 alongside overbought signs that are appearing through momentum indicators. This could cause the fluctuation to continue every once in a while to rid of this negativity and then achieve the breach of this level to breach the way towards the expected bullish intraday direction. The bullish technical pattern where its neckline is at the level awaited to be breached; therefore, supporting the awaited ascend for today. The first awaited target is around 1.0590, where it points out that these expectations will prevail as long as the daily closing's stability is above 1.0325.

The trading range for today is among the key support at 1.0325 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 1.1730.

Previous Report

Weekly Report

Support1.04001.03601.03251.02801.0230
Resistance1.04601.05001.05401.05901.0645
RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.0460 targeting 1.0590 and stop loss below 1.0360, might be appropriate.