Morning Report

The negative pressure of stabilizing below Ribbons lines continues, besides the secondary chart of the four-hour interval shows how the pair has been capable of creating a minor bearish channel, where it started to decline from its upper line. Therefore, the bearishness is in favor over intraday basis. A break of 113.60 will add more strength to the current bearish trend.

The trading range for today is among key support at 111.05 and key resistance now at 116.40.

The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.

Weekly Report Previous Report

Support113.60113.00111.90111.05110.40Resistance114.00115.00115.75116.40117.30RecommendationBased on the charts and explanations above our opinion is, selling the pair from 114.00 targeting 111.90 and stop loss above 115.75 might be appropriate.