Morning Report

The pair continues trading within a narrow range since yesterday, placing stochastic around overbought areas that are near us obtaining a negative crossover sign. These factors along with resistance offered by SMA make us expect a bearish intraday direction, starting initial targets around 79.80 then 79.00; while stability below 81.80 in order to maintain chances is attracting attention.

The trading range for today is among the key support at 79.00 and the key resistance at 81.80.

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 81.15 targeting 79.80 and stop loss above 81.80, might be appropriate.