Morning Report

The pair found difficulty in stabilizing above 38.2% Fibonacci correction according to the chart above; we can notice the bearish reversal on the back of the rising wedge and following the breach of its support. These factors make us expect a bearish intraday move targeting the retest of the previously breached resistance level for the downside channel, which has turned into support around 0.9040. Note that Stochastic is positive along with SMA 50 which is forming good support for the pair and thus restricting the downside move.

The trading range for today is among the key support at 0.9000 and the key resistance at 0.9330.

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 0.9215 targeting 0.9040 and stop loss above 0.9330, might be appropriate.