Morning Report

The pair breached the awaited support level 81.70 and is now trading below it, while stochastic is moving to the downside; thereby, supporting expectations of more bearish movement over an intraday basis due to support from stability below SMA 50 since awaited targets start at 80.35. Note that the breach of 81.70 and stabilizing above it could postpone resuming the suggested scenario.

The trading range for today is among the key support at 79.60 and the key resistance at 83.00.

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 with around 81.70 targeting 80.35 and stop loss above 82.25, might be appropriate.