Morning Report

The pair succeeded in breaching the sideway range's support level around 0.9330, thereby adding more assurance on the effectiveness of the bearish scenario. SMA 50 continues offering negative pressure on the pair, where it is considered assisting factors, alongside breaking the mentioned support level will make the pair's mission in resuming more bearish intraday movement possible; upcoming awaited targets start around 0.9200 then 0.9100. Note that the breach of 0.9330 and stabilizing above it could postpone resuming these targets.

The trading range for today is among the key support at 0.9100 and the key resistance at 0.9430.

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 0.9330 targeting 0.9200 and stop loss above 0.9430, might be appropriate.