Morning Report


The pair violated the 0.8525 critical support which is the 76.4% Fibonacci correction for the bullish wave from 0.8354-0.9083, and this signals that the main descending channel is still controlling the pair's movement and more downside pressure is likely. Main target is at the 100% level around 0.8354, taking into consideration that breaching 0.8525 may delay acquiring the awaited target.

The trading range for the day may be among the 0.8385 support and 0.8765 resistance.

The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.

RecommendationBased on the charts and explanations above we recommend selling the pair around 0.8525 targeting 0.8415,stop loss with four-hour closing above 0.8605 may be appropriate