Morning Report


The bearish candlestick formation that has successfully been formed yesterday, pushing the pair downwards to cover the gap. The price's movement and the bearish signs appearing on RSI 14 and AROON indicators, suggest that this gap might be Exhaustion gap and thereforeadditional negative actions could be seen over intraday basis.

The trading range for today is among key support at 122.70 and key resistance now at 127.85.

The general trend over short term basis is to the downside, targeting 115.00 as far as areas of 132.50 remain intact.

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RecommendationBased on the charts and explanations above our opinion is, selling the pair from 126.20 targeting 124.30 and stop loss above 127.85 might be appropriate.