Morning Report

The pair stabilized below the breached critical support at 81.85, adding further confirmations to the suggested scenario due to stability below the bearish trend's resistance level that has currently descended to 82.55. We might witness some fluctuation and a retest to the breached support level before resuming the bearish intraday directiondue to additional support on the SMA 50. Note that breaching 81.85 could postpone the suggested scenario for some time.

The trading range for today is among the key support at 80.35 and the key resistance at 82.55.

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 81.85 targeting 80.35 and stop loss above 82.55, might be appropriate.