Morning Report


Trading below 0.8890 opened the door for further downside moves for the pair reaching 0.8840 and maybe towards 61.8% at 0.8790. We can see on the chart above that ADX is providing downside signals while trading below the 20 MA assures that. The classic bearish pattern seen on the secondary image assures our expectations for the day for a possible downside move.

The trading range is among the key support at 0.8790 and key resistance now at 0.9205.

The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.

RecommendationBased on the charts and explanations above our opinion is selling the pair from 0.8890 targeting 0.8790 and stop loss above 0.8950 might be appropriate