Morning Report

The pair is trading with a downside bias below the SMA 50, where we believe it is on the way to retest the breached resistance for the descending channel that turned into support at 81.35. In general, we expect an intraday upside move today supported by the positivity on Stochastic which supports the strength of the retest level awaited at 81.35. Targets start with 83.50 then 84.50 while breaching 81.35 will extend the downside move that ended temporarily for the current upside correction.

The trading range for today is among the major support at 81.35 and the major resistance at 84.50.

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 81.35 targeting 82.70 and stop loss below 80.20 might be appropriate