Morning Report

The pair's upside move yesterday stopped at the main descending channel's resistance shown above, accompanied by Stochastic entering overbought areas and we expect trading to prevail ideally within the channel. Accordingly, we expect the pair to move to the downside targeting 0.8740 which requires stability below 0.8890.

The trading range for today is among the major support at 0.8650 and the major resistance at 0.9000.

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

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.8890 and take profit in stages at 0.8740 and 0.8650 and stop loss above 0.9000 might be appropriate