Morning Report

The pair found difficulty in resuming more upside movement and stability above key correction above 61.8% Fibonacci around 82.50, while noting secondary technical attempts to ascend that may fail - until now - in order to surpass yesterday's trading top around 82.65; offering a chance to form a double top formation that holds the ability to push the pair to the downside once again. These factors make us expect a bearish intraday direction in order to trade once again within the previously breached bearish trend, although keep in mind that resuming expectations requires two main factors; first, a clear breach and stability below 82.20 and the second is trading stabilizing below 82.75.

The trading range for today is among the key support at 81.05 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.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 82.20 targeting 81.05 and stop loss above 82.75, might be appropriate.