Morning Report

The violent inclines from the support line of the bullish channel assisted the pair to form a clear bullish candlestick pattern as we predicted yesterday. Yesterday's proposed technical objective of 113.15 was reached easily after stabilizing above the upper line of Keltner channel. Presently, the pair is facing a big challenge which is breaching the critical resistance levels of 113.60-upper line of the trading range areas- and we believe that it will be able to surpass it, supported by AROON indicator showing how the bullish trend is strong enough to help the pair achieving this potential positive scenario.We recommend reviewing the previous report.

The trading range for today is among key support at 110.50 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

Support112.80112.10111.60111.35110.50Resistance113.60114.00114.75115.00115.75RecommendationBased on the charts and explanations above our opinion is, buying the pair around 112.80 targeting 115.00 and stop loss below 111.05 might be appropriate.