Morning Report

The new attempt the pair took in order to rebound to the upside was obstructed by the MA 50 standing as resistance, preventing the pair from ascending. The closing yesterday was below the previously breached pivotal support level around 0.9400, alongside negative signs appearing through the stochastic. Hence, we hold onto the expected bearish intraday scenario heading towards key targets beginning around 0.9200; although chances of this scenario continuing depends on stability below 0.9460.

The trading range for today is among the key support at 0.9150 and the key resistance at 0.9520.

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 0.9400 targeting 0.9200 and stop loss above 0.9520, might be appropriate.