Morning Report

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Despite the decline yesterday, it was not overruled in our reports, yet we should observe the pair closely as it nears the support area for the main ascending channel since we can see a bearish pattern over hourly basis shown in the secondary image. Stochastic is in oversold areas which support our initial expectations for a general upside move yet daily closing below 0.8235 fails these expectations.

The trading range for today is among the key support at 0.8295 and key resistance now at 0.8605.

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

Previous Report

Weekly Report

Support0.84200.84000.83800.83550.8335Resistance0.84750.85000.85600.85800.8605RecommendationBased on the charts and explanations above, our opinion is buying the pair around 0.8420 targeting 0.8685 and stop loss below 0.8335 might be appropriate