Morning Report

The pair breached and stabilized above 0.9330, showing that the bullish technical pattern is a double bottom formation that can be considered a key to resuming more intraday upside movement. Momentum indicators are showing notable negative signs that could maintain the negative pressure appearing on the pair intact, but in overall we expect a bullish intraday direction that targets 0.9460 - a complete targets for the highlighted bullish pattern -. Note that trading returned below 0.9330 and forced the pair to return within the bearish trend once again.

The trading range for today is among the key support at 0.9360 and the key resistance at 0.9525.

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 explanations above our opinion is buying the pair around 0.9330 targeting 0.9465 and stop loss below 0.9260, might be appropriate.