Morning Report

Trading was caught between the 50% and 61.8% Fibonacci correction levels as shown above. Stochastic is gradually losing its upside momentum which is slowly weakening its upside bias in an attempt to retest 0.9770. In general, we expect an intraday downside move affected by the breach of the support for the ascending correctional channel and after 76.4% correction held against the upside attempts, alongside trading below the MA 50. Targets start at 0.9590 and require stability below 0.9820.

The trading range for today is among the major support at 0.9565 and the major resistance at 0.9900.

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

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Weekly Report

Support0.97100.96700.96000.95650.9500
Resistance0.97700.98200.98450.99150.9970
RecommendationBased on the charts and explanations above our opinion is opinion is selling the pair around 0.9770 targeting 0.9590 and stop loss above 0.9845 might be appropriate