Morning Report

The pair breached the minor ascending channel's support mentioned yesterday and stabilized below the SMA 50. Also, the negativity on Stochastic was activated and is pushing the pair lower towards critical support areas from 80.75 then 80.05. We need to observe trading today especially around the critical areas starting with the support mentioned and the resistance at 81.70, the support for the ascending channel that turned not into resistance after the breach. Therefore, we remain neutral today and observe the pair for more confirmations.

The trading range for today is among the major support at 79.00 and the major resistance at 83.00.

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

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