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Morning Report
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The pair is still stable below the pivotal support of 0.8170, which supports the suggested intraday downside movement to continue today, targeting now the support level of the descending channel at 0.881 and then the downside movement might extend towards 0.8000. Consolidation below 0.8220 is critical for our expectations.
The trading range for today is among the major support at 0.8000 and the major resistance at 0.8220.
The short-term trend is to the upside as far as 0.7785 remains intact, targeting 1.0370.
| Support | 0.8115 | 0.8075 | 0.8035 | 0.8000 | 0.7940 |
| Resistance | 0.8170 | 0.8220 | 0.8280 | 0.8325 | 0.8365 |
| Recommendation | Based on the chart and explanations above, our opinion is selling the pair with 4-hour closing below 0.8115, targeting 0.8015 and 0.7940 and stop loss above 0.8220 might be appropriate | ||||
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Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009
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