Morning Report

The pair continues to trade with a downside bias to settle now below the MA 50, which is further confirmation for the resumption of the downside move suggested earlier. We can see trading within the sideways range shaded in yellow and accordingly, breaching the support at 0.8235 will accelerate the expected intraday bearish move for today targeting 0.8250 then 0.8170. Stability below the resistance between 0.8505 and 0.8540 is requires for our expectations to prevail.

The trading range for today is among the major support at 0.8170 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 8670 charts and explanations above our opinion is selling the pair with the breach of 0.8325 targeting 0.8170 and stop loss above 0.8415 might be appropriate