Morning Report

The pair is fluctuating around the previously broken minor support level that ha currently reversed into resistance around 0.9920, while stochastic is still giving off positive signs that postpone achieving the suggested bearish scenario in our previous reports. In overall, we expect trading within the key descending channel alongside the negative pressure offered by the MA 50 factors that make us hold onto our bearish intraday direction; targeting 0.9700 as an initial target, while noting the importance of stability below 1.0000 in order to maintain chances of resuming these expectations.

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.

Previous Report

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 1.0000, might be appropriate.