Morning Report

The pair is hovering around the support at 0.8900 with signs on a upside bias due to the positive momentum. This positivity might push the pair to retest areas of 0.9030 utmost before resuming the intraday downside move expected for today supported by the negativity of the SMA 50, supporting the continued bearishness towards 50% correction of the last downside move from 0.9774 to 0.8900. Breaching 0.8900 will accelerate the awaited bearishness.

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.

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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