Morning Report

The pair declined sharply yesterday to breach the main support for the ascending channel that turned into resistance at 0.9735, while Momentum indicators also entered oversold areas. This is pressuring the pair to the upside to retest the breached areas before resuming the intraday downside move for today. Targets start at 0.9565 and require stability below 0.9735-70.

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.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is opinion is selling the pair around 0.9735 targeting 0.9565 and stop loss above 0.9845 might be appropriate