Morning Report

The pair continues to trade within a tight sideways range around 80.00 areas, as the positivity on Stochastic is restricting the suggested downside move in our previous report. In general, stability below 23.6% Fibonacci correction and the negativity from the MA 50 make us hold onto our expected intraday downside move for today that requires the clear breach of 79.45 and stability below 80.75-25.

The trading range for today is among the major support at 78.00 and the major resistance at 81.25.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 79.45 targeting 77.70 and stop loss above 80.75 might be appropriate