Morning Report

The pair currently touched pivotal resistance 84.85, accompanied by stochastic entering overbought areas alongside the bullish technical wedge pattern appearing through the four hour image above. This makes us expect a bearish trend over an intraday basis, which requires two main factors to prevail; first, stability below 85.35 second is breaching support for the rising wedge at 84.40. The expected technical targets start at 83.30.

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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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.