Morning Report

The pair continues its bearish slant stabilizing below the bearish trend's resistance level that is currently descending towards 82.95, alongside being below SMA 50. This makes us expect the bearish direction to continue today, supported by trading within the minor descending channel - highlighted in red above - since technical targets start at 81.05. Chances of resuming expectations depend on stability below 82.95.

The trading range for today is among the key support at 80.80 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.

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Weekly Report

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.