Morning Report

The pair couldn't take the key resistance areas of 84.15 where it moved violently downwards as seen on the provided daily chart. Breaching through 83.00-82.80 zones could activate the bearish signs appearing on momentum indicators; whilst hitting 84.15 will push the pair higher towards the significant high recorded in April, 2011 at 85.50. To conclude, the technical hesitation is clear over daily studies; thus, we believe that staying aside today will be the proper choice.

The trading range for today is among key support at 81.25 and key resistance now at 85.00.

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, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.