Morning Report

The pair touched the awaited minor resistance level at 0.9855 and reversed to the downside stabilizing below it. SMA 50 pushes the pair to the downside as the stochastic is giving off bearish signs, where these factors support our expectations of a bearish intraday direction targeting 0.9655 initially. We point out that breaching 0.9855 and building a base above it could postpone achieving the suggested bearish targets.

The trading range for today is among the key support at 0.9655 and the key resistance at 0.9970.

The short term trend is to the downside as far as 1.0330 remains intact with targets at 0.8000.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9855 targeting 0.9655 and stop loss above 0.9970, might be appropriate.