Morning Report

The pair moved to the downside after strongly breaching the rising wedge shown yesterday after retesting this level once again, which meets with pivotal resistance 84.85. Momentum indicators are nearing overbought areas, thus making us expect a bearish direction over an intraday basis; targets start at 83.85 then 83.00. Chances of achieving the suggested scenario require a base to be built below 85.25.

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.

Previous Report

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.