Morning Report

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The breach of the downside main channel's resistance levels provided enough reasons for an upside trend projection for the remainder of today, meanwhile, the stochastic oscillator is providing positive intersections along with the MACD that took the formation of an upside trend. Those classical facts suggest that an upside channel was formed with the breach of the main resistance of the downside trend, from it we could witness further appreciation toady.

The trading range for today is among key support at 105.40 and key resistance now at 110.00.

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

Morning Report

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RecommendationBased on the charts and explanations above, our opinion is buying the pair around 107.50 targeting 109.35 and stop loss above 105.75 might be appropriate.