Morning Report

Trading stabilized within a sideways range as shaded in yellow above after the breach of resistance for the minor descending channel; this is a signal for a slight upside bias for correction supported by the positivity on Stochastic. We expect the correction to be limited to the MA 50 followed by a downside reversal to resume the intraday downside move for today targeting 0.8210 and require stability below 0.8455.

The trading range for today is among the major support at 0.8150 and the major resistance at 0.8475.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.8430 targeting 0.8210 and stop loss above 0.8550 might be appropriate