Morning Report

The pair has soared yesterday approaching our short term first technical objective at 78.60 which we detected on January, 17, 2012 as seen on the provided daily graph. Now, the long upper shadow of yesterday's candlestick and the negativity appearing on Stochastic are rational reasons to say that the pair has temporarily lost its upside steam. Therefore, intraday traders may send the pair to the downside, particularly; if the pair succeeds in clearing 77.55 zones.

The trading range for today is among key support at 76.50 and key resistance now at 79.55.

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, selling the pair around 77.85 targeting 76.90 and stop loss above 78.45 might be appropriate.