Morning Report

The descending channel's resistance held against the pair's upside attempts as trading returns between 38.2% and 23.6% correction. Stochastic is trading within oversold areas that might pressure the pair to the upside, yet in general, we favor the continued downside pressure on the pair today targeting 0.8650. Stability below 0.8880 is required for our expectations to prevail.

The trading range for today is among the major support at 0.8600 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
Resistance0.88100.88800.89450.90000.9040
RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.8800 and take profit in stages at 0.8740 and 0.8650 and stop loss above 0.9000 might be appropriate