Morning Report


Trading remains stuck among the support of the descending channel shown above at 0.8310 and the previously breached support of the main bullish trend which turns now into resistance at 0.8385. While the 50 EMA continues to pressure the pair, on the other hand momentum indicators are providing positive signs. Therefore, we maintain our previously suggested scenario; we need a breach of one of the levels at 0.8310 support which will lead to testing 0.8200 and 0.8100 or 0.8385 resistance initially, targeting 0.8555

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

The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.

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RecommendationBased on the charts and explanations above we recommend selling the pair with four-hour closing below 0.8310 targeting 0.8200 ,stop loss with four-hour closing above 0.8385 may be appropriate