Morning Report

The pair is gradually nearing the retest level 1.0000, while the MA 50 continues its negative pressure on the pair. Stochastic is gradually losing bullish momentum and therefore we hold onto our expectations of a bearish intraday direction, which will start targets at 0.9815. Keep in mind that if the pair builds a base above 1.0000 it could push it towards revisiting the descending channel's resistance level at 1.0130, while we await for the release of economic data from Canada as of 12 GMT that could cause major fluctuations within the pair's trading today.

The trading range for today is among the key support at 0.9750 and the key resistance at 1.0130.

The short term trend is to the upside as far as 1.0665 remains intact with targets at 0.9000.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0000 targeting 0.9815 and stop loss above 1.0130, might be appropriate.