Morning Report

The pair is trading to the upside since yesterday as we note that the pair is trading within the sideway range in yellow, according to the chart above. Meanwhile, stochastic has gradually lost bullish momentum as it inches closer to the downside channel's resistance and presently descending to 0.9990, we expect to resume the bearish intraday direction supported by the MA 50 that is shielding the downside channel's resistance level. It is vital that the breach of 0.9990 - 1.0000 and daily stability above it holding the keys to rebound to the upside.

The trading range for today is among the key support at 0.9700 and the key resistance at 1.0055.

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 0.9990 targeting 0.9815 and stop loss above 1.0115, might be appropriate.