Morning Report

width=640

The pair closed positively yesterday, supported by the lower line of the secondary inclining channel as seen on the provided daily chart. Thus; the positive classical outlook is still valid and more bullishness might be seen over intraday basis. A break of the neckline areas around 113.60 will be able to accelerate this scenario.

The trading range for today is among key support at 110.00 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

Support112.45112.10111.60111.35110.50Resistance112.85113.60114.00114.75115.00RecommendationBased 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.