Morning Report


The pair rushed to the upside according to our expectations; while today a possible crossover is seen on Stochastic which might support the pair to test the extended first target for the bullish Bat pattern at 76.4% of CD leg. Breaching this level at 113.35 is a push for the pair to rise towards 88.6% at 114.40 and later maybe point C at 115.40. Therefore, trading steady trading above 112.05 will keep the upside move likely for today.

The trading range for today is among key support at 110.05 and key resistance now at 115.40.

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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RecommendationBased on the charts and explanations above, our opinion is buying the pair around 112.05 targeting 114.40 and stop loss with four-hour closing below 111.60 might be appropriate today