Morning Report


Once again, areas of 108.00 held against the downside move for the pair. Nevertheless, we can see now Stochastic attempting to crossover negatively and the pair stable below the MA 50 at 109.40 and those negative signals support renewed attempts to breach 108.00.

The trading range for today is expected among the key support at 106.15 and the key resistance at 112.00.

The short term trend is to the downside as far as 123.65 remains intact with targets at 100.00.

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RecommendationBased on the charts and explanations above our opinion is selling the pair with four-hour closing below 108.00 targeting 106.15 and stop loss above 110.05 might be appropriate