Morning Report

The pair is trading with a bearish slant that is negative, offered by SMA 50 as the pair nears pivotal support around 81.80. In case we achieve the breach of this support, we expect the path to be opened to resume more expected intraday movement; targets start at 80.80. In order for the expected bearish direction to continue stability must be below 82.65.

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 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 with the breach of 81.80 targeting 80.80 and stop loss above 82.65, might be appropriate.