Morning Report

The MA 50 is forming strong resistance in front of the pair's attempt to ascend, protecting the pair's stability below the previously breached pivotal support level 81.85. This makes us hold onto expectations of a bearish intraday direction due to the effect of the bearish technical pattern that has fully breached the mentioned support level, alongside trading below the bearish trend's resistance level; however, keep in mind that the positivity on stochastic could prevail in case fluctuation is near 81.85 for some time before heading towards the awaited targets that start around 80.35. The breach of 81.85 and stabilizing above it could postpone continuing this scenario.

The trading range for today is among the key support at 80.35 and the key resistance at 82.45.

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.