Morning Report

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The pair continues to trade positively, where a positive technical pattern may be developing, but needs confirmation by a breach of 104.35, to head toward the main resistance of the descending channel around 108.75. The inraday upside move remains hypothetical unless a daily closing above 104.35 occurs. Stochastic is supporting the suggested move, while a breach below 103.10 will invalidate it.

The expected trading range for the day is among the key support at 103.10 and the key resistance at 107.00.

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

Previous Report

Weekly Report

Support104.05103.65103.10102.75102.30
Resistance104.35105.10105.75106.40107.00
RecommendationBased on the charts and explanations above we recommend buying the pair with huorly closing above 104.35 targeting 106.40. Stop loss below 103.10 may be appropriate.