Morning Report

The pair attempted to correct to the upside yesterday as it halted at 38.2% Fibonacci at 86.35, accompanying this correction as Stochastic enters overbought areas; thus, making us expect that the pair has had enough with this correction. The expected direction is a bearish trend over an intraday basis; targets are at 85.00 then 84.00. These expectations require trading to stabilize below 87.05.

The trading range for today is among the key support at 84.00 and the key resistance at 87.05.

The short term trend is to the downside as far as 91.55 remains intact with targets at 82.60.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 86.35 targeting 85.30 and stop loss above 86.85, might be appropriate.