Morning Report

The pair moved sharply lower and breached another important support for a potential continuation pattern shown on image that support resides at 0.9900 and turns into resistance now. Any trading below this level could be a reason for further bearishness supported by the continuation pattern, while stability below the main descending resistance at 1.0030 is required for the downside potential to remain intact.

The trading range for today is expected among the key support at 0.9730 and resistance at 1.0030.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above, our opinion is selling the pair around 0.9900 , and take profit in stages at (0.9840 and 0.9785) and stop loss above 1.0000 might be appropriate