Morning Report

The breach of key support for the bullish trend in the image above is pushing the pair within a bearish correctional wave for the upside trend, which will start around 80.00 towards the previously recorded top. This provides chances to witness more bearish correction reaching 38.2% correction appearing in the image above around 82.80, breaching this could cause more bearish movement reaching 50% correction around 82.35. These expectations require trading to stabilize below the breached bullish trend's support around 83.35.

The trading range for today is among the key support at 81.25 and the key resistance at 84.80.

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 selling the pair around 83.35 targeting 82.35 and stop loss above 84.00, might be appropriate.