Morning Report

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Trading is stuck among the narrow range bound shown on image, but with a downside bias. Therefore, we favor an intraday downside move today supported by the 50 EMA in addition to stochastic downside bias. Breaching 0.8690-0.8710 may invalidate the negative pattern we mentioned in our previous reports and lead to resuming the main upside trend for the pair.

The expected trading range for the day is among the key support at 0.8500 and the key resistance at 0.8790.

The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.

Previous Report

Weekly Report

Support0.86450.85950.85000.84550.8400
Resistance0.86800.87100.87900.88450.8885
RecommendationBased on the charts and explanations above we recommend selling the pair around 0.8680 targeting 0.8595 and stop loss with hourly closing above 0.8710 may be appropriate