Morning Report

The pair is currently re-testing the broken upper line of the trading range areas as seen on the provided daily chart. We see how it was resisted in its first technical try to hit 38.2% Fibonacci level for the movements from 125.95 to the short term recorded low of 107.30 but we believe that it could breach it in the second technical attempt. AROON is still moving above value of 70.00. Thereby, we keep the bullish speculations unchanged over intraday basis.

The trading range for today is among key support at 111.50 and key resistance now at 116.55.

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

Support113.15112.80112.10111.50111.05Resistance113.60114.00114.40114.75115.35RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 113.60 targeting 115.65 and stop loss below 111.90 might be appropriate.