Morning Report

The pair found difficulty stability below critical support around 0.9235 due to support from SMA; although momentum indicators are showing negativity that make us expect a breach of the upside channel's support level controlling intraday trading, shown in the image above around 0.9205 and then paves the way towards resuming the expected bearish intraday trend. Key targets start around 0.9105 then 0.9025, while achieving them requires stability below 0.9330.

The trading range for today is among the key support at 0.9025 and the key resistance at 0.9370.

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 with the breach of 0.9205 targeting 0.9025 and stop loss above 0.9330, might be appropriate.