Morning Report

The pair stabilized below SMA 50 with a clear bearish slant heading gradually towards the psychological barrier 1.0000. Meanwhile, trading within the key descending channel appearing in the image above makes us expect the bearish intraday direction to continue that will initially start with the breach of 1.0000, while requiring stability below 1.0165 to prevail.

The trading range for today is among the key support at 0.9815 and the key resistance at 1.0165.

The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.0000 targeting 0.9815 and stop loss above 1.0125, might be appropriate.