Morning Report

The tight sideways ranged trading continues to dominate the movement since last week for the pair, and looking at the chart for the past five days, we can barely see any difference. The MA 50 continues the negative pressure alongside the support awaited to be breached, which is also the neckline for a negative pattern, at 79.65 all support expectations for an intraday downside move today which requires stability below the MA 50 and the clear breach of the mentioned neckline targeting areas of 79.00 and 78.00.

The trading range for today is among the major support at 78.40 and the major resistance at 81.50.

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 79.65 targeting 78.00 and stop loss above 80.75 might be appropriate