Morning Report

The pair is close to touching resistance for the bearish short term channel that organizes current trading; whereas momentum indicators are nearing overbought areas, accompanied by the continuous negative pressure coming from SMA 50. These factors combined make us expect a bearish intraday overall trend; targets start at 84.70 then 84.00. Keep in mind the importance of stability below 86.15 to maintain chances of achieving these expectations.

The trading range for today is among the key support at 84.00 and the key resistance at 86.55.

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

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 85.55 targeting 84.70 and stop loss above 86.15, might be appropriate.