Morning Report

The pair neared resuming the first awaited target around 0.9460 rebounding to the upside after momentum indicators gained bullish momentum, seen on the four hour chart above. After the expected bullish slant we expect the pair to resume its bearish trend over an intraday basis, supported by the negativity offered by the MA 50. It is vital that stability is below 0.9675 to insure achieving this scenario.

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.