Midday Report


The pair is trading near the recent bottom at 104.00, while trading is confined within the short term descending channel as show on image. The pair's failure to breach the 38.2% Fibonacci level is considered a good sign that negativity may continue, supported by the 50 EMA. Accordingly, we anticipate achieving downside targets near 102.35 followed by 101.35, taking into consideration that stability below 105.75 is necessary to acquire the awaited targets.

The expected trading range for the day is among the key support at 101.35 and the key resistance at 105.75.

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

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RecommendationBased on the charts and explanations above we recommend selling the pair around 104.95 targeting 102.85 and stop loss above 105.75 may be appropriate.