Morning Report

The 61.8% Fibonacci correction held against the pair's upside attempts which was pressured by the bullish pattern mentioned before which is supported by the negativity on Stochastic over daily basis. We expect that the upside pattern's effect will stop and the downside bias will return after settling for the seen correction. Therefore, we see the likelihood for a downside move today targeting the return to the descending channel by targeting the support at 0.9610 and then 0.9500. In general, our expectations require the breach of the mentioned support and stability below 0.9770.

The trading range for today is among the major support at 0.9500 and the major resistance at 0.9845.

The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair with hourly closing below 0.9670 targeting 0.9500 and stop loss above 0.9770 might be appropriate