Morning Report

The pair is touching the main resistance of the downside trend, and still stable below the EMA 50 at 0.8560 which is very close from the resistance level (the broken support), therefore, we expect the intraday bearishness to continue, trading below the mentioned EMA may cause another attempt to breach 0.8400 over four-hour basis heading to the main support of the main bearish channel.

The trading range for today is among the major support 0.8265 and the major resistance 0.8680.

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

RecommendationBased on the charts and explanations above we recommend selling the pair around 0.8440 and take profits on two stages first 0.8360 then 0.8265 and stop losses above 0.8585 might be appropriate for today.