Morning Report


The pair found good resistance at 105.50 that halted the upside move. Zooming into the the four-hour chart-minor image- we will notice that the 104.80 minor support may be the key for the resumption of the downside move for today, bearishness is also supported by negativity on stochastic in addition to stability below the pivotal support that was breached lately at 106.20. Targets reside near 103.50

The expected trading range for the day is among the key support at 101.35 and the key resistance at 106.20.

The short term trend is to the downside so far as 123.30 remains intact targeting 94.80.

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Weekly Report

RecommendationBased on the charts and explanations above we recommend selling the pair with hourly closing below 104.80 targeting 102.85 and stop loss with hourly closing above 105.50 may be appropriate.