Morning Report

The pair was unable to achieve the daily closing below 0.9460, but signs of a descending channel are appearing and control the bearish short term direction supported by the MA 50, adding strength to its resistance level. Stochastic is nearing overbought areas and thus we expect a bearish intraday direction that requires a clear breach of 0.9460, alongside building a base below 0.9600.

The trading range for today is among the key support at 0.9310 and the key resistance at 0.9645.

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 0.9460 targeting 0.9310 and stop loss above 0.9545, might be appropriate.