Morning Report

The pair broke the ascending support sharply yesterday to test areas above 0.9850. At the moment, price has retraced to retest areas around the breached support at 0.9880. Stochastic has crossed over positively and leaving oversold areas, thus we look for another downside attempt after completing the current correction eyeing the recent swing low at 0.9840, taking into consideration that failing to hold below 0.9900 could negate the downside bias.

The trading range for the day is expected among the key support at 0.9840 and the key resistance at 1.0080.

The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above, we recommend selling the pair around 0.9900 targeting 0.9840 stop loss above 0.9930.