Morning Report

The pair continues its bearish slant with support from SMA 50 and gradually nears pivotal support 82.30, which represents the neckline for the bearish technical pattern. We await for this level's breach - after exiting the intraday descending channel by breaching its support last Thursday -, then activating the bearish pattern that will lead towards an expected bearish intraday direction that will start its technical targets at 80.35. The breach of 82.95 will postpone resuming these targets.

The trading range for today is among the key support at 80.35 and the key resistance at 83.70.

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 with the breach of 82.30 targeting 80.35 and stop loss above 83.25, might be appropriate.