Morning Report

The pair continues to trade with a downside bias and currently hovering around the critical support areas of 0.9025-00 alongside oversold signals on momentum indicators that might trigger an upside correctional move. In general, the pair is still affected by the completed bearish technical pattern at 0.9125 and the negativity on SMA 50 and accordingly we expect the intraday bearishness will prevail today targeting 0.8900 then 0.8885. Stability below 0.9125-40 is required for our expectations to prevail.

The trading range for today is among the major support at 0.8885 and the major resistance at 0.9140.

The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9105 targeting 0.8950 and stop loss above 0.9190 might be appropriate