Morning Report

The pair continues to pressure the critical support at 83.50 -38.2% Fibonacci correction- supported by the SMA 50 that is preventing the pair from further downside movement. On the other hand, Stochastic provided positive signs supporting the upside correction and from here we recommend observing the pair today and the daily closing around the support as ignoring the positive signs shows that the pair settled for the 50% upside correction and returned to continue the general downside move.

The trading range for today is among the major support at 81.60 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 observing the pair for more confirmations