Morning Report

The pair reached 38.2% Fibonacci correction at 83.50 which turned into support after its breach, accompanied by Stochastic entering overbought areas and SMA 50 support from below. Therefore, we expect a possible intraday bullish move today targeting the next correction level at 85.65. Breaching the support areas at 83.50-82.70 will drive the pair lower to retest the breached descending channel's resistance.

The trading range for today is among the major support at 82.70 and the major resistance at 85.65.

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 buying the pair around 83.50 targeting 85.00 and stop loss below 82.70 might be appropriate