Morning Report

The pair breached the support for the minor ascending channel mentioned yesterday, where it found support at 0.8800 and now pushing the pair to the upside to retest the breached support for the minor ascending channel. Areas of 0.8800 are the neckline for a minor bearish pattern and will support the pair to resume trading within the main descending channel. Therefore, we expect the pair to move to the downside today and require the clear breach of 0.8800 and stability below 0.8900 with targets mainly at 0.8650.

The trading range for today is among the major support at 0.8650 and the major resistance at 0.8945.

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

Previous Report

Weekly Report

Support0.88000.87400.86500.86000.8550
Resistance0.88500.89000.89450.90000.9040
RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 0.8800 targeting 0.8650 and stop loss above 0.8900 might be appropriate