Morning Report

The pair continued trading in a narrow range between the downside channel's resistance around 0.9950 and the sideway range's support around 0.9840, while the MA 50 continues its negative pressure on the pair. Hence, we hold onto expected bearish intraday movement starting initially with the breach of support that will pave the way towards 0.9700 then 0.9600, while stability below 0.9950 is vital to maintain chances of achieving these expectations.

The trading range for today is among the key support at 0.9600 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 with the breach of 0.9840 targeting 0.9650 and stop loss above 0.9950, might be appropriate.