Morning Report

We can see the support for the minor upside wave which halted the downside move for the pair yesterday, this level was also supported by the positivity on Stochastic. Therefore, the pair might fluctuate around 38.2% Fibonacci at 0.8455 which is supported by the MA 50 before resuming the downside move today after the upside correction previously ended around 38.2% correction. Targets start at 0.8300 then 0.8710 and require stability below 0.8455.

The trading range for today is among the major support at 0.8250 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

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