Morning Report

The pair rebounded from the key descending channel's resistance shown above; where it also breached the minor support at 0.9920 which is further confirmation for continued trading within the descending channel. We expect a bearish trend over intraday basis targeting 0.9700 and requires stability below the psychological barrier at 1.0000.

The trading range for today is among the key support at 0.9700 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 0.9750 and stop loss above 1.0010, might be appropriate.