Morning Report

The pair is attempting to breach pivotal support, although yesterday's closing was slightly above this level; therefore, we still need further assurance to support the suggested bearish trend in our previous reports continuing. Trading continues trading within the key descending channel, alongside building a base below the MA 50 that are factors that make us witness more bearish intraday movement, starting targets around 0.9925 then 0.9815 that require building a base below 1.0160 to prevail.

The trading range for today is among the key support at 0.9815 and the key resistance at 1.0160.

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

Previous Report

Weekly Report

Support1.00000.99250.98750.98150.9750
Resistance1.00751.01251.01651.02451.0280
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.