Morning Report

The pair pushed to the upside yesterday in an attempt to inch closer to the minor bearish channel's resistance level, affected by stochastic's positivity yesterday as we note him losing it by entering overbought areas. Some sideways fluctuation is expected around the MA 50, but in overall we expect a bearish intraday direction due to the effect of trading within bearish price channels since awaited targets start around 0.9600 then 0.9500. Stability below 0.9815 is vital to hold onto chances of resuming these expectations.

The trading range for this week is among the key support at 0.9500 and the key resistance at 0.9850.

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 0.9550 and stop loss above 0.9815, might be appropriate.