There should be some decent trading opportunities in the cross throughout the morning.
- The market looks like it was caught long so any rallies will attract selling interest. Previous lows near 1.0930 should now provide initial resistance.
- Medium-term buyers will probably not be dissuaded and there is a potential basing pattern in place on the longer-term charts. Therefore dip buyers are also likely to appear and the first level of support will be at an a short-term pivot level of 1.0860/70.