Morning Report

Adopting a favorable reaction to the bearish outlook we took up during the previous three days, the pair succeeded in re-testing the awaited level at 81.90 yesterday as seen on the provided chart. Stochastic and RSI 14 are gradually taken towards the oversold areas and that may bring an impressive upside move that we should follow from areas between 81.80 ad the key support levels for short term traders at 81.50. Only a break below 80.90 will negate the intraday bullish scenario.

The trading range for today is among key support at 80.50 and key resistance now at 83.70.

The general trend over short term basis is to the upside, targeting 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, buying the pair around 81.50 targeting 83.00 and stop loss below 80..95 might be appropriate.