Morning Report

Trading continues around the MA 50 which resides with the 23.6% Fibonacci correction, noting the downside bias on the pair to trade below the mentioned MA. In general, we expect the pair to move in line with the suggested scenario on the chart over daily basis, where the pair could breach the minor ascending channel's support at 80.30 after the stability of 23.6% correction. If the breach is confirmed the path will be clear towards the sensitive support at 79.65 then 78.40. In general, we expect a downside move for today with trading below 81.50.

The trading range for today is among the major support at 79.00 and the major resistance at 82.00.

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 80.30 targeting 78.40 and stop loss above 81.50 might be appropriate