Morning Report

The pair since yesterday has descended after touching 50% Fibonacci correction, as we note a bullish rebound after stochastic gained positive momentum yesterday. This positive momentum could push closer to the downside channel's resistance level shown above, which has met with the mentioned correction level around 0.9125 before heading towards the bearish intraday trend resumes initial targets around 0.8885. Note that the breach between levels 0.9125 - 0.9180 could cause the suggested bearish movement.

The trading range for today is among the key support at 0.8885 and the key resistance at 0.9180.

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

RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9125 targeting 0.8900 and stop loss above 0.9245, might be appropriate.