Morning Report

The candlesticks formations over four hour interval shows that the pair has created a range trading are. Just a few pips are separating between it and our first detected extended technical objective of our captured rising wedge pattern at 127.2% Fibonacci projection of the rally from 105.40 to 112.15. Actually, Vortex indicator interprets the solidity of the bearish trend but the positive divergence of RSI might cause some kind of slight recovery before achieving additional bearishness towards 105.90 areas. We remind you that SMA 50 is a very good ceiling for the pattern.

The trading range for today is among key support at 105.40 and key resistance now at 110.50.

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 around 108.25 targeting 105.90 and stop loss above 110.00 might be appropriate.