Morning Report

The pair has been trading to the downside since yesterday as it inches closer to retest previously breached pivotal resistance levels starting from 76.4% Fibonacci, then the neckline for the previously highlighted bullish technical pattern. The MA 50 is supporting the pair from the bottom, while stochastic is moving within oversold areas and thus we expect a bullish intraday direction targeting 0.9900 initially. Keep in mind the importance of stability above 0.9675 - 0.9650 in order to insure resuming this suggested scenario.

The trading range for today is among the key support at 0.9555 and the key resistance at 0.9900.

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

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 0.9675 targeting 0.9785 and stop loss below 0.9605, might be appropriate.