Morning Report

The pair is trading within narrow levels, but negatively biased, where it's stable below the downside trend's main resistance and also below the exponential moving averages 20 and 50, therefore, the pair could attempt to breach 38.2% Fibonacci correction at 0.7790 to extend the temporary downside movement, which could lead the pair to decline towards 0.7655 and 0.7515. in result, we hold onto our negative expectations as long as the pair is stable below 0.7990-0.8020.

The trading range for today is among the major support at 0.7650 and the major resistance at 0.8170.

The short-term trend is to the upside with steady weekly closing above 0.6980 targeting 0.8815.

Previous Report

Weekly Report

RecommendationBased on the chart and explanations above, we recommend selling the pair below 0.7915, and take profit in stages at (0.7790 and 0.7650) and stop loss with 4-hour closing above 0.8020 might be appropriate today.