Morning Report

The pair reached 23.6% Fibonacci correction from below, and reversed to the downside according to expectations and supported by the pressure from the MA 50. The recent trading has unloaded the positivity on Stochastic and accordingly we hold onto our intraday downside expectations for today which require initially the 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 selling the pair with the breach of 79.65 targeting 78.00 and stop loss above 80.75 might be appropriate