Midday Report

The pair declined after stabilizing below 23.6% Fibonacci correctional levelat 0.9865 as shown above. The current downside correction pushed the pair to trade below the SMA 20 and 50, while the pair is approaching 0.9780-60, where 4-hour closing below this level should complete a bearish technical pattern. We expect the suggested downside movement to extend, targeting mainly 0.9710 and may be 0.9635, while 4-hour closing below 0.9990-1.0010 is required.

The trading range for today is among the major support at 0.9635 and the major resistance at 1.0010.

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

Previous Report

Weekly Report

Support0.97700.97350.97000.96800.9635
Resistance0.98500.99100.99701.00101.0080
RecommendationBased on the charts and explanations above our opinion is selling the pair below 0.9850 and targeting 0.9635 and stop loss with 4-hour closing above 0.9970 might be appropriate.