Morning Report

The pair continues to trade within a tight range around the MA 50 while Stochastic is overbought, signaling that the downside pressure will continue to dominate trading. Therefore, we expect an intraday downside move today which requires the breach of 80.30 and stability 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.

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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