Morning Report


SMA 50 which is very close to the major resistance of the bearish trend forced the pair to move lower. This resistance confirms the negativity of the bearish harmonic structure. Stochastic is showing a bearish sign, while RSI started to be relieved but generally, we believe that the bearishness may dominate the movements over intraday basis. Coming below 0.8410 will add further negative pressure on the pair, whilst areas of 0.8460 should hold to keep this scenario valid.

The trading range for today is among the key support at 0.8210 and key resistance now at 0.8505.

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 0.8420 targeting 0.8245 and stop loss with a four closing above 0.8460 might be appropriate.