Morning Report

The pair is still trading within the sideways range shown above on the chart, noticing the strength of the support at 0.8325. Stochastic is gradually losing its upside momentum, while the MA 50 is forming good resistance keeping the negative pressure. Therefore, we see the likelihood for an intraday downside move, activated with the breach of the mentioned support targeting 0.8170. We should pay attention that breaching 0.8455 would extend the upside correction.

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.

Weekly Report

Previous report

Support0.83250.82500.81700.81100.8050
Resistance0.84000.84550.84800.85400.8605
RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 0.8325, targeting 0.8170 and stop loss above 0.0.8400 might be appropriate