Morning Report

The pair is trading below the SMA 50, signaling some downside movement to retest the breached resistance at 81.40 and then reverse higher to resume the upside correction, supported by the positivity on Stochastic. Breaching areas of 81.40 will carry the pair into the downside wave once again and end the upside correction.

The trading range for today is among the major support at 81.40 and the major resistance at 84.00.

The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.

RecommendationBased on the charts and explanations above our opinion is buying the pair around 81.40 targeting 82.75 and stop loss below 80.75 might be appropriate