Morning Report

The pair managed to breach support for the sideway range 85.15 to activate yesterday's suggested scenario; therefore, we expect the pair to head towards achieving the bearish intraday direction that targets initial targets between 84.25 - 84.00 to retest resistance for the previously breached channel. We point out that the breach of 85.15 and building a base above it will postpone resuming the suggested bearish targets and cause sideway trading to return.

The trading range for today is among the key support at 83.00 and the key resistance at 86.00.

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 85.15 targeting 84.00 and stop loss above 85.95, might be appropriate.