Morning Report

The pair found strong resistance around 38.2% Fibonacci around 0.9070, where a bearish reversal supporting negativity on stochastic. In overall, trading within the downside channel appearing in the image above along with resistance offered by SMA that are factors that make us expect more bearish intraday movement, where initial targets are around 0.8800 pointing out the breach of 0.9070 that could lead to more bullish correction towards levels 0.9125 - 0.9180.

The trading range for today is among the key support at 0.8800 and the key resistance at 0.9125.

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 0.9070 targeting 0.8885 and stop loss above 0.9180, might be appropriate.