Morning Report

Areas of 0.8900 are still stable against the pair, while the SMA 50 still offers downside pressure over intraday basis as Stochastic enters overbought areas. Therefore, we hold onto our intraday bearish expectations that require the breach of the aforementioned support. Breaching areas of 0.9005 will delay the suggested bearishness.

The trading range for today is among the major support at 0.8700 and the major resistance at 0.9105.

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

RecommendationBased on the charts and explanations above our opinion is selling the pair with hourly closing below 0.8900 targeting 0.8750 and stop loss above 0.9005 might be appropriate