Morning Report

The pair neared yesterday's expected key target around 0.9545 and rebounding to the upside due to the effect of the positivity appearing on momentum indicators that we think hold the keys to reaching the pair's new retest level for the previously breached ascending channel's support level - current resistance level at 0.9690 -. SMA 50 is still acting as a resistance over an intraday basis and thus we expect a bearish intraday direction following the suggested retest process, where targets start at 0.9545 then 0.9460. It is vital that a base is built below 0.9690 in order to resume this scenario.

The trading range for today is among the key support at 0.9460 and the key resistance at 0.9770.

The short term trend is to the downside as far as 1.0330 remains intact with targets at 0.8000.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9690 targeting 0.9545 and stop loss above 0.9770, might be appropriate.