Morning Report

The pair reversed to trade to the downside from pivotal support 0.9675, thereby maintaining the assumption of forming the bullish technical pattern intact. Meanwhile, the intervals of this pattern appear in the image above as stochastic is showing oversold signs that reinforce chances of resuming an upside trend, due to the mentioned bullish pattern; however, in return the breach that had occurred on the upside channel's support level could become major technical barrier preventing more upside movement and thereby pointing out that the currently bullish correction has ended. These conflicting signs make us recommend keeping an eye on intraday trading, specifically around critical levels between resistance 0.9620 and support 0.9525.

The trading range for today is among the key support at 0.9400 and the key resistance at 0.9785.

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

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