Morning Report

The pair found strong resistance around 1.0020 - the descending channel's resistance - along with the bearish continuous pressure offered by the MA 50, thereby pushing the pair to the downside and maintaining natural trading within the descending short term channel. We expect a bearish intraday direction supported also by stochastic moving near overbought areas, noting the importance of a daily closing below 201.00 in order to maintain chances of resuming expectations.

The trading range for today is among the key support at 0.9750 and the key resistance at 1.0115.

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 1.0020 targeting 0.9815 and stop loss above 1.0115, might be appropriate.