Morning Report

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The pair continues to trade within the main descending channel shown on image, protected by the 50 EMA as well. Stochastic is down trending, therefore, we expect the downside move to continue over intraday basis, awaiting achieving the targets at 108.90. Steady daily closing below 111.10 is required.

The trading range for the week may be among the major support at 120.00 and the major resistance at 126.50.

The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.

Previous Report

Weekly Report

Support110.15109.60108.90108.20107.55
Resistance110.40111.10112.00112.70113.65
RecommendationBased on the charts and explanations above we recommend selling the pair around 111.10 targeting 108.90 and stop loss with four hour closing above 112.00 might be appropriate.