Morning Report

The pair inched closer to pivotal support 81.45 and rebounded to the upside due to the notable positivity of momentum indicators, however, this positivity is expected to force the pair to resume more bullish corrections that we expect will stabilize around 82.45 before continuing on with the expected bearish intraday direction. The MA 50 adds additional negative pressure that supports these expectations, while signaling that the breach of 81.45 will make it easier on the pair to resume suggested bearish targets,

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.

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.