Morning Report

The pair is wedged within a narrow range since yesterday between 38.2% and 23.6% Fibonacci correction according to the image above, while SMA nears touching 38.2% around 0.9070 adding further strength to this resistance. Hence, we hold onto bearish intraday movement targeting initial levels around 0.8800; while we warn that the breach of 0.9070 could lead to more bullish correction towards 0.9125 extending towards 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.

Previous Report

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.