Morning Report


The bearish direction prevailswithin the descending channel, which appears in the image above, supported by the main resistance for the bearish direction at 132.40; whereas trading below this level will keep the bearish direction intact for today's intraday move. We will not rule out some volatile fluctuations and bullish corrections caused by technical indicators; however, as far as trading is below the mentioned resistancethe bearish intraday direction remains intact for today.

The trading range for today could be between support 124.00 and the key resistance at 132.40.

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

RecommendationBased on the charts and explanations above our opinion is selling the pair from 130.00 targeting 128.10 and stop loss above 132.40, might be appropriate