Morning Report

The pair strongly moved to the upside to return and trade within the descending channel seen in the image, although we witness some strength to retest the level around 0.9520 preventing the pair from resuming more upside activity. Stochastic is showing positive crossover signs that may push the pair towards touching 0.9520 once again, but in overall we expect a bearish trend over an intraday basis due to the effect of trading within the mentioned descending channel towards targets that start around 0.9270 - 0.9200. Chances of these expectations continuing depend on stability below resistance between 0.9520 - 0.9555.

The trading range for today is among the key support at 0.9270 and the key resistance at 0.9615.

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 0.9520 targeting 0.9320 and stop loss above 0.9615, might be appropriate.