Morning Report

The pair declined retesting the previous broken resistance line of the bearish channel, while Stochastic started to show a comfortable crossover sign as seen on the provided four hour chart. The positive candlestick formation and the negative trend's exhaustion appearing on AROON argue us to say that the right shoulder of the suggested inverted head and shoulders might have been completed with this decline. Therefore, we are waiting for a reversal over intraday basisand it will be confirmed with a four hour closing above 0.8445.

The trading range for today is among the key support at 0.8295 and key resistance now at 0.8550.

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

RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 0.8445 targeting 0.8600 and stop loss below 0.8355 might be appropriate.