Morning Report

The pair ended yesterday at the resistance for the descending channel shown above, supporting the pair to continue the upside correction. On the other hand, Stochastic is trading within overbought areas which might add negative pressure on the pair to send it to the downside once again. Therefore, we will observe the pair today awaiting more confirmations from the critical support at 80.70 -previously breached resistance now support- and the resistance areas between 81.60-85.

The trading range for today is among the major support at 79.00 and the major resistance at 82.50.

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 we recommend observing trading today awaiting more confirmations