Morning Report

The pair continued the negative pressure to breach 23.6% Fibonacci correction that turned into support after its previous breach, alongside stability below the MA 50. Therefore, we expect the pair to resume the downside move within the main descending channel that temporary stopped for the upside correction that earlier settled for 38.2% correction. The positivity on Stochastic might keep the fluctuation and volatility around the MA 50 for some time.

The trading range for today is among the major support at 0.8300 and the major resistance at 0.8540.

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

Previous Report

Weekly Report

Support0.84200.83600.83200.82500.8170
Resistance0.84550.85000.85400.86100.8640
RecommendationBased on 8670 charts and explanations above our opinion is selling the pair around 0.8455 targeting 0.8250 and stop loss above 0.8540 might be appropriate