Morning Report

As shown above on the chart, we can see how the upside move failed to continue, especially after the bearish candlestick yesterday covered the entire bullish one seen the day before. Furthermore, the Relative Strength Index is still negative, which confirms the breach of the ascending main support (shown in red). We expect the downside movement to continue, where the general structure turned bearish over intraday basis.

The trading range for today is among the major support at 0.9825 and the major resistance at 1.0255.

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

Previous Report

Weekly Report

Support0.99700.99500.99050.98650.9825
Resistance1.00551.01101.01851.02051.0255
RecommendationBased on the charts and explanations above, we recommend selling the pair around 1.0030, and take profit in stages at (0.9905 and 0.9880) and stop loss above 1.0110 might be appropriate today.