Morning Report

In line with yesterday's scenario, the pair declined touching 88.6% retracement of the upside rally from the significant trough of 76.40 to 85.50. This level is very important as it will define if the pair will continue achieving downside targets for our efficient descending triangle or the bearishness will be limited here. When we look deeper at momentum and trend indicator, we will notice that the bearish sign on Vortex started to become weaker; whilst RSI 14 reflects clear oversold case. Henceforth, risk versus reward ratio remains too high for intraday traders due to the sensitivity of present levels.

The trading range for today is among key support at 76.40 and key resistance now at 78.90.

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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Weekly Report

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