Morning Report

The bottom of the sideways range around the support areas of 0.8335-05 is holding strongly against the pair. Stochastic reached oversold areas with signs of an upside reversal signals the strength of those areas to pressure the pair to the upside once again. Therefore, with trading above 0.8305, the upside move is likely for today and breaching 0.8305 with four-hour closing will pressure the pair strongly to the downside.

The trading range for today is among the major support at 0.8170 and the major resistance at 0.8500.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above we recommend buying the pair around 0.8335 targeting 0.8535 and stop loss with four-hour closing below 0.8305 and if the stop loss was triggered we recommend selling the pair with four-hour closing below 0.8305 targeting 0.8170 and stop loss above 0.8420 might be appropriate