Morning Report

The weakness that started at 81.65 zones continues on momentum indicators; noting that RSI 14 didn't breach the value of 70.00 until now. Consequently, we still see chances for additional bearish actions over intraday basis classically targeting the previous broken resistance -turned into support- at 79.55. Vortex indicator shows that the pair started to lose its upside steam solidifying our technical prospective bearish outlook for today. The risk limit is a break above 81.65 areas.

The trading range for today is among key support at 78.60 and key resistance now at 81.65.

The general trend over short term basis is to the upsidetargeting 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 80.75 targeting 79.55 and stop loss above 81.50 might be appropriate.