Morning Report

The pair stabilized below pivotal support that is currently descending towards 1.0280; whereas momentum indicators are showing clear oversold signs. These ongoing negative pressure points out there are chances of resuming more short term bearish trend. Therefore, we recommend observing trading today specifically for pivotal levels represented in resistance 1.0280 and support 1.0200. As today's closing for these levels holds the keys to insuring the pair's short term intraday direction.

The trading range for today is among the key support at 1.0130 and the key resistance at 1.0460.

The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.1730.

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RecommendationBased on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.