Morning Report

The pair is fluctuating around the neckline mentioned yesterday for the bearish pattern at 0.8800, as the positivity on Stochastic is restricting the breach of this level. On the other hand, trading stabilized below the SMA 50 and accordingly we expect the downside move to continue today affected by the bearish pattern and trading within the main descending channel; targets start at 0.8650 and require stability below 0.8900.

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

Support0.87400.86500.86000.85500.8485
Resistance0.88000.88500.89000.89450.9000
RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.8800 targeting 0.8650 and stop loss above 0.8900 might be appropriate