Morning Report

The pair has mildly corrected the continuous inclines seen during the previous period and a spinning top pattern was drawn by traders yesterday. This downside correction may continue due to the negativity on momentum indicators but as we discussed earlier, the weekly time scale suggest additional gains towards 85.50. Therefore, we will stay aside; noting that a break below 82.00-81.80 will bring additional downside correctional movements.

The trading range for today is among key support at 82.20 and key resistance now at 85.00.

The general trend over short term basis is to the upsidetargeting 87.45 as far as areas of 75.20 remain intact.

Previous Report

Weekly Report

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