Morning Report


Trading settles below the main support at 0.8380 as shown above, while momentum indicators continue to provide positive signs over daily basis; preventing further downside pressure. On the other hand, approaching the support of the descending channel at 0.8315 may signal a bullish reversal. Therefore, the next intraday move depends on breaching one of the levels shown on the minor image, where breaching 0.8380 will resume the overall bullish trend, while breaching 0.8310 will confirm the downside move.

The trading range for today is expected among the key support at 0.8200 and the key resistance at 0.8480.

The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.

RecommendationBased on the charts and explanations above we recommend selling the pair with four-hour closing below 0.8315 targeting 0.8200 ,stop loss with four-hour closing above 0.8380 may be appropriate