Morning Report

The pair succeeded in achieving the suggested scenario from our reports yesterday, where we notice that it is currently trading below the key ascending channel's support level that has currently turned into resistance at 0.9685. The positive momentum appearing through momentum indicators could force the pair to resume some minor upside movement to retest this broken level, where it could surpass it to attempt a minor bullish correction before heading towards continuing the expected bearish intraday direction; upcoming targets are around 0.9545 and 0.9460. It is vital that the daily closing is below 0.9685 in order for chances of a strong bearish trend to continue.

The trading range for today is among the key support at 0.9460 and the key resistance at 0.9815.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9685 targeting 0.9545 and stop loss above 0.9770, might be appropriate.