Morning Report

There is a possibility that price is forming a double top pattern; which will be confirmed with steady trading back below the neckline of the pattern at 1.0010 which coincides with the 20-exponential moving average. Stochastic has turned negative, while RSI is heading to test 50.0 level. These factors favor a bearish move today; which remains valid so long as 1.0075 remains intact.

The trading range for today is expected among the key support at 0.9900 and resistance at 1.0150.

The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above, our opinion is selling the pair below 1.0030, and take profit in stages at (0.9950 and 0.9900) and stop loss above 1.0070 might be appropriate