Morning Report

The daily studies shows that the pair succeeded in forming two candlesticks with long lower wicks on Tuesday and Wednesday pushing the pair to the upside during the Asian session. In the interim, Stochastic and RSI 14 suggest setbacks but Vortex remains positive. Due to the sensitivity of the current levels and the contrarian between momentum and trend indicators, we may witness sideways consolidation before achieving obvious directional move. The key levels to watch and put under our technical microscope are 80.75 and 82.05. Ultimately, a daily closing above 82.00 zones will be a very positive indication for short term traders.

The trading range for today is among key support at 80.00 and key resistance now at 82.50.

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

Support81.0080.7580.5080.2080.00
Resistance81.5081.6582.0582.3582.50
RecommendationBased on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.