Morning Report

The pair descended within the descending channel controlling intraday trading, specifically after touching its support rebounding to the upside due to the positivity on stochastic. We expect to witness some bullish slant for the breached minor support around 82.65, before continuing the expected bearish intraday trend since initial targets are around 81.05 then 80.35. Stability below 82.65 is vital for these expectations to continue.

The trading range for today is among the key support at 80.80 and the key resistance at 82.85.

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.