Morning Report

The bearish pressures continues appearing on the provided daily graph under the span of ribbons lines EMA 10 to 80. Yesterday's long black candlestick formation is another negative technical factor that should be added to the descending triangle pattern, but we believe that the oversold signal on RSI 14 may cause some kind of fluctuation before resuming the downtrend, noting that a breakout below 78.55 will negate this awaited fluctuation. Technical targets of the classical pattern reside around 77.15-77.10 areas. On the upside, areas of 80.90 should hold to keep the bearish structure valid.

The trading range for today is among key support at 77.10 and key resistance now at 80.05.

The general trend over short term basis is to the upsidetargeting 87.45 as far as areas of 76.40 remain intact.

Previous Report

Weekly Report

Support78.6578.2077.8577.4577.10
Resistance79.3079.5579.8080.0580.65
RecommendationBased on the charts and explanations above our opinion is, selling the pair around 79.00 targeting 77.15 and stop loss above 80.30 might be appropriate.