Morning Report

SMA 50 is showing a strong resistance against the pair and pushes it to the downside to trade around the support ofthe minor bullish channel which represents a continuous flag pattern. Accordingly, we expect a downside move for today but it requires breaching the downside pattern's support at 80.75, which will open the door to achieve the main targets at 79.80 with monitoring the pair around these levels. The stability below 81.60 will keep our expectations valid.

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

The short term trend is to the downside with stability below 89.35 targeting 77.70

RecommendationBased on the charts and explanations above we recommend selling the pair with breaching the level of 80.75 targeting 79.00 and stop loss below 81.60 might be appropriate for today.