Morning Report

The pair is still trading between the support awaited to be breached at 79.65 and the 23.6% Fibonacci correction at 80.75 which is supported by the MA 50. Therefore, we expect an intraday downside move today which requires the clear breach of 79.65 and stability below 80.75.

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 around 80.75 targeting 79.65 and stop loss above 81.50 OR sell the pair with the breach of 79.65 targeting 78.00 and stop loss above 80.75 might be appropriate