Morning Report


The pair couldn't maintain levels above the previous broken neckline of our bearish classical pattern. It reversed sharply after touching the resistance line for the secondary channel-colored in blue- and it is currently heading towards the technical objective steadily. The breakout below the lower line of our captured channel assisted it to show fast bearish movements. Note that, a four-hour closing below 0.8255 will make it faster. To recap, we keep our classical negative outlook over intraday basis.

The trading range for today is among the key support at 0.8140 and key resistance now at 0.8400.

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

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RecommendationBased on the charts and explanations above our opinion is, selling the pair around 0.8295 targeting 0.8180 and stop loss above 0.8380 might be appropriate.