Morning Report

The pair is attempting to breach the support for the ascending correctional channel shown above, supported by trading below the MA 50 and the downside move on Stochastic. Therefore, we expect the pair to move to the downside today, which requires a clear breach of 0.9710 for confirmation that will carry the pair back to the general downside move gateway at 0.9625. Breaching areas of 0.9770 with stability above it will delay the scenario.

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

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 0.9710 targeting 0.9500 and stop loss above 0.9800 might be appropriate