Morning Report

The pair is still moving steadily downwards after achieving a mild recovery. The consolidation may continue below Ribbons lines -EMA 10 to 80- which cover the bearishness. In result, we still see chances for reaching the previous detected technical objective of the descending triangle pattern which proved its efficiency during the past period. Dear reader, we remind you that we should watch the price behaviors around the target as a break of 77.10 will trigger a panic sell-off towards the extended technical objectives of the classical pattern, starting at the significant low of 76.40. Risk versus reward ratio remains too high for intraday traders.

The trading range for today is among key support at 76.40 and key resistance now at 79.55.

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

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RecommendationBased on the charts and explanations above, we believe that risk versus reward ratio is too high; thus, we prefer staying aside.