Morning Report

The pair attempted to surpass the psychological barrier 1.0000, but the MA 50 halted as strong resistance is currently protecting the bearish trend. Stochastic neared overbought areas and thereby making us hold onto expectations of a bearish intraday movement that start key targets around 0.9815. Note: the importance of stabilizing below 1.0000 - 1.0065 to insure trading continues within the descending short term channel.

The trading range for today is among the key support at 0.9700 and the key resistance at 1.0065.

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

Previous Report

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 1.0075, might be appropriate.