Morning Report

The pair breached the critical support at 79.65 successfully with a daily closing. This breach support the expectations for the pair to continue the expected intraday downside trend for today, and supported by the negative pressures forced by the MA 50. On the other hand, Stochastic turned positive, supporting the main downside channel breached resistance's retest area, which turned into support after the breach around 78.15. A breach of 79.65 and consolidating above it, may postpone the awaited downside scenario.

The trading range for today is among the major support at 77.70 and the major resistance at 80.75.

The short-term trend is to the downside as far as 89.35 remains intact with targets at 77.70.

Weekly Report

Previous Report

Recommendation Based on the charts and explanations above our opinion is selling the pair around 79.65 targeting 78.15 and stop loss above 80.50 might be appropriate