Morning Report

The pair reached the MA 50 and fluctuating around it since yesterday, this move was accompanied by the overbought signals on Stochastic and accordingly we see chances for the pair to resume the intraday downside move targeting 0.8320 and 0.8200. Breaching areas of 0.8455 will pressure the pair higher to extend the bullish correction.

The trading range for today is among the major support at 0.8200 and the major resistance at 0.8550.

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 0.8425 targeting 0.8210 and stop loss above 0.8550 might be appropriate