Morning Report

The pair found good support at 80.00, which halted the attempts to return to the downside move from 79.60 areas. The positivity on Stochastic might cause some volatility and an upside bias to retest 80.75 before resuming the intraday downside move expected for today targeting 79.00 and 78.00. Stability below 80.75 - 81.10 is required for our expectations to prevail.

The trading range for today is among the major support at 78.00 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.

RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 79.60 targeting 78.00 and stop loss above 80.75 might be appropriate