Morning Report

The pair rebounded to the upside after nearing the symmetrical triangle's support level in the image above, while noting the loss of bullish momentum and inching closer to stochastic through overbought areas. This makes us expect trading to reverse to the downside to resume the expected bearish trend, supported by the negative pressure offered by SMA 50. The breach of 81.50 will help the bearish direction gain speed, alongside postponing 82.40 from resuming the suggested downside trend.

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.

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Weekly Report

Support81.5080.8080.3579.6079.20
Resistance82.0582.4082.9583.3583.70
RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach around 81.50 targeting 80.35 and stop loss above 82.40, might be appropriate.