Morning Report

The pair rebounded to the upside approaching the support for the sideways range shaded in yellow above; while Stochastic is gradually losing its upside momentum and approaching overbought areas. The MA 50 is a strong resistance ahead of the pair and accordingly we favor the intraday bearishness for today targeting areas from 0.8320 then 0.8250; our expectations require stability below 0.8455 to prevail.

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.

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Weekly Report

RecommendationBased on the 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