Morning Report

The pair traded yesterday above the resistance for the downside wave mentioned in our previous reports, yet with constant attempts to return below it, and that what is currently taking place. The pair is currently trading below 82.75 and approaching the SMA 50 which is the key to return to the bearishness. Stochastic provided negative signals and that supports our expected intraday downside move for today targeting first the breach of 81.85 opening the way towards 81.05 then 80.35. Stability below 82.75 is required for our expectations to prevail.

The trading range for today is among the major support at 80.35 and the major resistance at 83.70.

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

RecommendationBased on the charts and explanations above our opinion is selling the pair around 82.75 targeting 81.05 and stop loss above 83.70 might be appropriate