Morning Report

The trading continued between 61.8% and 76.4% Fibonacci retracement of the upside wave from 75.80 to 79.50 zones as seen on the provided four-hour chart. Stochastic is on its way to give off a potential crossover inside oversold areas; whilst Vortex continues supporting the bearish trend. We still believe that, risk versus reward ratio is too high for the time being; thus, we will stay aside until we see how the pair will behave around the current sensitive levels. Setbacks should be well supported at 75.80 for bulls and areas of 77.30 should the ceiling for sellers.

The trading range for today is among key support at 75.50 and key resistance now at 77.90.

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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RecommendationBased on the charts and explanations above our opinion is, staying aside since the risk versus reward ratio is very high.