Morning Report

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After reaching the detected technical target of yesterdays' anticipated bearishness at 122.40; the pair is in a real need to retest the broken trend line of the minor ascending channel, before resuming the downside rally, which is based on the suggested Elliott count and the negative pressure obtained from SMA 50. Henceforth, potential downside movements are to be seen over intraday basis.

The trading range for today is among key support at 119.40 and key resistance now at 125.50.

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

Weekly Report Previous Report

Support122.10121.70120.55120.00119.40
Resistance123.15123.90124.15124.60125.50
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 123.30 targeting 121.70 and stop loss above 124.60 might be appropriate.