Morning Report

The pair declined sharply and acquired the awaited targets around 0.8550, while momentum indicators entered oversold areas supporting the strength of the mentioned support. We might see some volatility with an upside bias for now to unload the upside momentum, yet in general, we expect the pair to continue the intraday downside move today targeting 0.8425 then 0.8320. An hourly closing below 0.8550 is required to open the way for acquiring the targets.

The trading range for today is among the major support at 0.8320 and the major resistance at 0.8740.

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 with hourly closing below 0.8550 and take profit in stages at 0.8425 and 0.8320; stop loss above 0.8650 might be appropriate