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.

Previous Report

Weekly Report

Support0.84000.83600.83200.82500.8170
Resistance0.84550.85000.85400.86100.8640
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