Morning Report

The pair couldn't hit SMA 50 and SMA 100 combination yesterday where it moved once again to the downside re-attacking the pivotal support of the recently established sideways areas as seen on the provided four-hour chart. In the interim, momentum indicator becomes very close to oversold zones designating a potential rebound to the upper line of the range trading areas. Hence, we prefer staying aside over intraday basis. We remind you; sometimes staying aside is a position.

The trading range for today is among key support at 76.60 and key resistance now at 78.80.

The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, staying aside today until an actionable setup presents itself to pinpoint the intraday direction.