Morning Report

The pair moved to the downside, according to yesterday's suggested scenario and specifically seen on the four hour interval; therefore, making us expect to witness more bearish intraday movement pushing the pair to breach the retest level 0.9625 that will meet SMA 50. The image above highlighted our suggested scenario forming the bearish technical pattern that supports the suggested downside trend; targeting initially levels around 0.9555 then 0.9460. Keep in mind that the breach of 0.9775 will cause continuing these expectations to fail.

The trading range for today is among the key support at 0.9460 and the key resistance at 0.9810.

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 0.9625 targeting 0.9460 and stop loss above 0.9720, might be appropriate.