Morning Report

The pair is trading to the upside since yesterday placing it above critical resistance levels around 83.70, specifically since this breach is considered to be a sign on that the pair is on its way to resume some bullish correction after yesterday's daily closing above 23.6% Fibonacci shown above, supported by the MA 50; however, the negativity appearing through momentum indicators since the pair is moving towards retesting the key bearish trend once again. This conflict makes us remain neutral today and observe the pair's movement especially around vital levels between support 83.45 and resistance 83.90.

The trading range for today is among the key support at 82.45 and the key resistance at 85.00.

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 explanation above our opinion is observing the pair’s movement to insure its upcoming direction.