Morning Report

The pair achieved a bearish trend reaching 84.00 but is finding strong resistance that will continue pushing the pair to the upside shown in the image above. The stochastic neared overbought areas and therefore we might witness some fluctuation and lead towards to the upside to retest the breached 84.85 yesterday, before heading towards resuming the expected bearish intraday direction. The awaited technical targets start at 82.55, but keep in mind that achieving it requires the daily closing below 85.50.

The trading range for today is among the key support at 82.55 and the key resistance at 85.50.

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 84.85 targeting 83.30 and stop loss above 85.55, might be appropriate.