Morning Report

The pair was able to activate yesterday's suggested scenario flawlessly, specifically after the pair succeeded in breaching the bearish trend's neckline highlighted in our midday report yesterday around 82.65. Meanwhile, the breach of this level along with it being below the MA 50 and stabilizing within the key bearish direction are all factors that make us expect more bearish intraday movement, targeting initially levels around 81.05 and requiring stability below 83.10.

The trading range for today is among the key support at 81.05 and the key resistance at 83.70.

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

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RecommendationBased on the charts and explanations above our opinion is selling the pair around 82.65 targeting 81.05 and stop loss above 83.70, might be appropriate.