Morning Report

The pair continues to trade below the Exponential Moving Averages 20 and 50, and also below the second target of the bearish AB=CD pattern at 1.0340. All these technical signs are sufficient for us to expect a downside move during the session today. Consolidation above 1.0385 could weaken our negative expectations significantly.

The trading range for today is among the major support at 1.0085 and the major resistance at 1.0500.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above, we recommend selling the pair around 1.0305, and take profit in stages at (1.0230 and 1.0185) and stop loss above 1.0390 might be appropriate today.