Morning Report

The pair continues its bearish trend inching closer to the symmetrical support level previously highlighted around 81.45, where SMA 50 persists in negatively pressuring on the pair. We expect more bearish intraday movement signaling chances of witnessing some fluctuation due to the positivity of momentum indicators. The breach of 81.45 will help the downside direction gain speed towards 80.35 as the upcoming key target.

The trading range for today is among the key support at 80.35 and the key resistance at 83.35.

The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 82.45 targeting 80.80 and stop loss above 83.45, might be appropriate.