Morning Report

The pair continues its downside sideways trading yesterday and stabilized below critical support levels that start from the minor upside channel's support level, then head towards SMA 50 along with the previously broken sideways support range around 0.9330. These factors make us expect a bearish intraday direction, but some fluctuations and minor upside correctional slants could surpass it towards levels that could reach 0.9300. The expected targets start around 0.9100, which require stability below 0.9330 to prevail.

The trading range for today is among the key support at 0.9070 and the key resistance at 0.9355.

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 0.9295 targeting 0.9100 and stop loss above 0.9400, might be appropriate.