Morning Report

For the fourth consecutive day, the pair is still hovering around the 61.8% correction as shown on the daily chart above. The negative pressure on the pair is from the clear bearish signals on Stochastic. We reconsider our intraday expectations as we see the likelihood for a downside bias today targeting mainly the return to the breached downside wave with the breach of the support at 0.9610. Breaching areas of 0.9845 will negate our expectations for today.

The trading range for today is among the major support at 0.9565 and the major resistance at 0.9970.

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

Previous Report

Weekly Report

Support0.97050.96800.96100.95650.9500
Resistance0.97600.98450.99150.99701.0000
RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9760 targeting 0.9610 and stop loss above 0.9845 might be appropriate