Morning Report

The pair is attaching the support for the ascending channel shown above since the last hours of trading yesterday, where the MA 50 was strong support for the pair and prevented more downside movement until now. In general, the breach and four-hour closing below this support and the bearish pattern shown above and our expectations for an intraday downside move today which requires the clear breach of 0.9780-70 areas and stability below 0.9845 targeting areas of 0.9600.

The trading range for today is among the major support at 0.9600 and the major resistance at 1.0055.

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 opinion is selling the pair with the breach of 0.9770 targeting 0.9600 and stop loss above 0.9845 might be appropriate