Morning Report

Trading stabilized below the MA 50 at 80.90 and Stochastic is still trading within overbought areas and we await the bearish crossover. The sideways range that contained trading since June 03 have been below the mentioned MA and accordingly we expect a bearish intraday move pressured by the moving average. A daily closing above EMA will weaken the chances for the downside move.

The trading range for this week is among the major support at 79.65 and the major resistance at 82.75.

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 80.90 targeting 79.65 and stop loss with four-hour closing above 81.50 might be appropriate