Morning Report

The pair stabilized below yesterday's breached neckline around 0.9625, while stochastic showed negative signs supporting chances of continuing the expected bearish intraday direction, which is considered to be an extension of the previously mentioned bearish technical pattern. The MA 50 is adding more strength to the retest level 0.9625, signaling to the importance of stabilizing below 0.9675 in order to maintain chances of resuming expectations.

The trading range for today is among the key support at 0.9380 and the key resistance at 0.9740.

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 0.9725, might be appropriate.