Morning Report

The pair is still wedged between pivotal resistance 84.25 and support coming from the MA 50 at 83.15. The negative pressure from stochastic will keep the current sideway fluctuation, until positive momentum supports the breaching process of the mentioned resistance level in order to activate the effect of the awaited bullish technical pattern, which is expected to lead towards an expected bullish intraday trend targeting 85.00 - 85.95 initially. We point out that breaching 83.15 and building a base below it could postpone resuming this scenario.

The trading range for today is among the key support at 82.80 and the key resistance at 85.00.

The short term trend is to the downside as far as 91.55 remains intact with targets at 77.70.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 84.25 targeting 85.95 and stop loss below 83.15, might be appropriate.