Morning Report

The pair continues trading to the downside ignoring the positivity appearing on momentum indicators, where it is currently inching closer to the upcoming pivotal support level 0.9815. Meanwhile, there seems to be evident difficulties in achieving more bearish movement according to the positivity highlighted through momentum indicators in our daily chart. This could maintain sideway fluctuation for some time before continuing the expected intraday bearish direction towards the awaited key targets around 0.9700 then 0.9600. Stability below 1.0000 is important to resume targets.

The trading range for today is among the key support at 0.9600 and the key resistance at 1.0000.

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 0.9920 targeting 0.9700 and stop loss above 1.0020, might be appropriate.