Morning Report

The pair touched pivotal resistance highlighted since yesterday around 83.40, which in its own role is showing strength in front of the pair's attempt to breach it. Meanwhile, if the daily closing is below his level the expected bearish intraday direction will prevail as we still await a bearish intraday wave to start to initially target levels around 81.45. Note that momentum indicators are still giving off positive signs that may continue fluctuating around the current pivotal levels for some time.

The trading range for today is among the key support at 81.45 and the key resistance at 84.25.

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 83.40 targeting 81.85 and stop loss above 84.25, might be appropriate.