Morning Report

The negative pressure on the pair is still valid and driving the pair closer to the previously recorded trough at 0.8900; we can also see how the tight ranged trading is gradually unloading the positive momentum on Stochastic. In general, we expect an intraday bearish move today supported by the SMA 50 and the ongoing effect of the bearish pattern completed at 0.1925. Targets reside at 0.8810 and require stability below 0.9075 to prevail.

The trading range for today is among the major support at 0.8750 and the major resistance at 0.9075.

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 0.9030 targeting 0.8885 and stop loss above 0.9125 might be appropriate