Morning Report

Yesterday's upside recovery was limited below the key resistance areas between 81.50 and 81.65 where the pair started to move mildly lower once more. Despite the fluctuation seen between 81.65 and the psychological levels of 80.00 but RSI 14 remains reflecting an overbought case as it is valued at 73.00. Accordingly, we suggest a potential downside move today but penetrating 80.75 is required to actuate bears to dominate the intraday direction.

The trading range for today is among key support at 78.60 and key resistance now at 82.05.

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 below 80.75 targeting 79.55 and stop loss above 81.65 might be appropriate.