Morning Report

The pair gradually neared the awaited minor resistance level at 84.85, accompanied by stochastic nearing overbought areas; therefore, yesterday's scenario will remain intact, where the expected direction for today is bearish as it starts to build its base on the mentioned resistance level to head afterwards towards targets that start at 83.05. The breach of 84.85 and stabilizing above it will postpone resuming the suggested bearish targets.

The trading range for today is among the key support at 82.55 and the key resistance at 85.75.

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 83.50 and stop loss above 85.70, might be appropriate.