Morning Report

The pair is stable below the critical 0.8900 and accordingly we see the door open for resuming the suggested downside move in our previous reports. The SMA 50 supports the intraday bearishness expected, while volatility might be seen around the breached level affected by the positivity on momentum indicators. Stability below 0.8980 is essential for our expectations to remain valid targeting initially 0.8700.

The trading range for today is among the major support at 0.8700 and the major resistance at 0.8980.

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

Previous Report

Weekly Report

Support0.88100.87500.87000.86700.8600
Resistance0.89000.89500.89800.90750.9105
RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.8900 targeting 0.8750 and stop loss above 0.9005 might be appropriate