Morning Report

The pair continues its bullish slant nearing critical resistance around 83.05, accompanying this ascend is momentum indicators nearing overbought areas that are considered indicators on a bearish reversal. These factors make us expect a bearish intraday direction targeting initially the triangle's resistance level around 81.65, but note the importance of breaching 83.05 will cause resuming bearish chances to fail.

The trading range for today is among the key support at 81.65 and the key resistance at 83.70.

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 83.05 targeting 82.25 and stop loss above 83.70, might be appropriate.