Morning Report

The pair continued moving downwards, achieving a negative daily closing below 76.4% retracement of the rally from 76.40 to 85.50 and 23.6% Fibonacci of the bearish wave from 85.90 to the aforesaid trough. This cluster Fibonacci zones might cause fluctuation since RSI is in need for relaxation, before resuming the bearishnesstowards 77.10 supported by stability below Ribbons lines -EMA 10 to 80- and the negativity on Vortex indicator -trend indicator-. Our bearish outlook and our detected technical objective are based on the previous explained descending triangle which proved its efficiency during this week.

The trading range for today is among key support at 77.10 and key resistance now at 79.80.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 78.90 targeting 77.15 and stop loss above 80.15 might be appropriate.