Morning Report

On the four hour chart above, technical factors are causing a reversal on the pair as horizontal resistance halted around 0.9750 once again, as a strong barrier if the pair is not able to stabilize above it for a second technical attempt. Meanwhile, the minor bearish technical pattern forming has breached its neckline around 0.9680 and thereby we expect the pair's mission to break the upcoming critical support level around easier 0.9640, which is considered the completion of another bearish technical pattern appearing above. These factors make us expect a bearish intraday direction starting technical targets around 0.9520 then 0.9450, but note that stability below 0.9750 is vital to maintain chances of resuming this scenario.

The trading range for today is among the key support at 0.9450 and the key resistance at 0.9750.

The short term trend is to the downside as far as 1.0330 remains intact with targets at 0.8000.

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RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 0.9640 targeting 0.9450 and stop loss above 0.9750, might be appropriate.