Morning Report

The pair is still affected by facing the neckline of the suggested reversal classical pattern and we believe that it is still gathering the momentum it needs to retest this neckline once more. Note that, yesterday's candlestick pattern is bearish and the pair needs to breach the pivotal resistance levels of 112.75 to overcome this technical obstacle. RSI 14 is neutral for the time being and it needs this breakout to be activated positively.To coclude the classical overview is still in favor as there is no big change and we hold onto our suggested bullish scenario.

The trading range for today is among key support at 109.45 and key resistance now at 115.75.

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

Support111.60111.35110.50110.00109.45Resistance112.45112.75113.15113.60114.00RecommendationBased on the charts and explanations above our opinion is, buying the pair around 112.00 targeting 114.00 and stop loss below 110.50 might be appropriate.