Morning Report

The pair continued its bullish push since yesterday to complete the bullish correction at 61.8% Fibonacci for the downside from levels 0.9644 to the bottom recorded at 0.9300. This correction met with the key descending channel's resistance level, alongside momentum indicators moving within overbought areas and thus making us expect a bearish intraday trend; targeting 0.9300 initially that requires stability below 0.9485 to prevail.

The trading range for today is among the key support at 0.9300 and the key resistance at 0.9345.

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 0.9485 targeting 0.9320 and stop loss above 0.9600, might be appropriate.