Morning Report

The pair reached again 0.8625 which is the gateway for the pair to resume the suggested bearishness in our previous report. The pair is still affected by the negative pressure from SMA 50 and the completion of the symmetrical triangle shown above. We expect the pair to resume the intraday downside move today which requires the clear breach of 0.8625 and stability below 0.8745.

The trading range for today is among the major support at 0.8400 and the major resistance at 0.8730.

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

Previous Report

Weekly Report

Support0.86250.85450.84850.84500.8400
Resistance0.86750.87300.87750.88200.8900
RecommendationBased on the charts and explanations above our opinion is selling the pair with hourly closing below 0.8625 targeting 0.8485 and stop loss above 0.8730 might be appropriate