Morning Report

The pair continues to trade with a downside bias approaching the retest awaited that descended to 80.75 with the 23.6% Fibonacci correction. Momentum indicators are positive and accordingly we favor the intraday bullishness targeting 82.30. As we mentioned before, breaching 80.75 and stability below it will drive the pair to the downside that ended temporarily for correction.

The trading range for today is among the major support at 79.80 and the major resistance at 83.50.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 80.75 targeting 82.30 and stop loss below 79.80 might be appropriate