Morning Report

The pivotal resistance areas of 0.8275 proved its solidity yesterday as it succeeded in forcing the royal pair to move downwards. The negative pressure of EMA 10-80-Ribbons lines- continued, supporting the suggested Elliott count, where we believe that the forth wave still has downside targets to be reached. Therefore, potential bearish actions could be seen over intraday basis. RSI 14 might cause some kind of fluctuation but AROON shows how the bearish trend is strong enough to push the pair to the downside.

The trading range for today is among the key support at 0.8140 and key resistance now at 0.8380.

The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of0.8965remain intact.

Weekly Report Previous Report

Support0.82100.81800.81400.81000.8060Resistance0.82600.82750.83050.83450.8380RecommendationBased on the charts and explanations above our opinion is, selling the pair around 0.8260 levels targeting 0.8140 and stop loss above 0.8345 might be appropriate.