Morning Report


The pair is still trading among the 76.4% and 61.8% Fibonacci retracements as shown in image. Where the 50 EMA continues to pressure the pair negatively over intraday basis and supported by the negative momentum on stochastic. Therefore we expect intraday bearishness today targeting initially 110.25 and stability below 112.80 is required for our expectations to be valid.

Trading range for the day is among the major support at 109.55 and the major resistance at 112.80

The short term trend is to the downside targeting 100.00 as long as 123.30 remain intact.

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 111.90 targeting 110.25 and stop loss above 112.80 may be appropriate.