Morning Report

Trading became narrower after touching the resistance line of the rising wedge pattern as seen on the provided four hour chart. These behaviors suggest that, a price explosion is under preparation. All what we need is, a four hour closing below 111.45 to witness an aggressive downside wave. RSI 14 entered overbought areas and therefore, the bearishness is still in favor over intraday basis. The soft technical objective resides at 109.45 areas.

The trading range for today is among key support at 109.45 and key resistance now at 114.25.

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

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 111.45 targeting 109.45 and stop loss above 113.00 might be appropriate.