Morning Report

The pair is still trading with a gradual downside bias approaching the gateway for the general bearishness at 79.55, while Stochastic is providing overbought signals restricting the pair from more downside movement. In general, breaching the support for the continuation flag pattern and the negative pressure from EMA 50 make us support the intraday bearishness today targeting 78.00. Stability below 80.75-81.10 is requires for our expectations to prevail.

The trading range for today is among the major support at 78.00 and the major resistance at 81.10.

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 our opinion is selling the pair with the breach of 79.55 targeting 78.00 and stop loss above 80.75 might be appropriate