Morning Report


In line with our yesterday's scenario, the pair slipped touching the confirmation line of our proposed bearish classical pattern as seen on the provided four hour chart. The most important factor is coming back below SMA 50-colored in red- and that might assist it to breach the aforesaid neckline zones. Hence, we hold onto our bearish predications over intraday basis, noting that a four hour closing below 121.05-120.70 will bring panic selling pressures. Technical targets are seen at 118.60 zones.

The trading range for today is among key support at 117.80 and key resistance now at 124.15.

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, selling the pair around 121.45 targeting 119.25 and stop loss above 123.20 might be appropriate.