Morning Report

The pair pushed to the upside causing the bearish technical pattern appearing in our previous reports to fail, but in return it neared the bearish trend's resistance level highlighted in the chart above. Accompanying this is momentum indicators entering overbought areas, thereby making us await for an expected bearish intraday trend; targeting 81.75 then 81.05, while needing a base to be built below 83.50 - 83.70 to prevail.

The trading range for today is among the key support at 81.25 and the key resistance at 84.25.

The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 83.50 targeting 81.75 and stop loss above 84.25, might be appropriate.