Morning Report


The pair is trading around the 61.8% extension within the descending channel, which formed over short term time scales. Stochastic has provided upside reversal signals, while RSI is trading neutrally below 50. We expect the continuation of the downside wave affected by this channel and the negative MA formation; although an upside correction might be seen. As far as 133.60 remains intact our expectations remain valid for today.

The trading range for today is among key support at 130.60 and key resistance now at 134.30.

The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.

RecommendationBased on the charts and explanations above our opinion is selling the pair from 133.00 targeting 131.80 and stop loss above 134.75 might be appropriate