Morning Report

The pair continues trading near pivotal support level 0.9700 representing the sideway range's support level that has wedged trading since the beginning of this month, while the MA 50 adds more negative pressure that continues appearing on the pair. This pressure maintains expectations of a bearish intraday direction intact. The breach of the highlighted support level is required to pave the way towards targets starting around 0.9600, but note that the pair's ability to stabilize above 0.9745 could postpone resuming these targets and push it to revisit the minor downside channel's resistance level around 0.9830.

The trading range for this week is among the key support at 0.9500 and the key resistance at 0.9860.

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 with an hourly closing below 0.9700 targeting 0.9600 and stop loss above 0.9745, might be appropriate.