Morning Report


The pair continues to fluctuate around the 38.2% Fibonacci correction for the latest bearish wave that started from 104.90 top toward the latest bottom at 100.73, while stochastic is overbought over four-hour basis. Therefore, we expect a downside move for today counting on the 50% Fibonacci level which halted the upside attempts twice. Expected targets start at 100.75 and the move requires that 102.80 remains intact.

The expected trading range for the day is among the key support at 99.40 and the key resistance at 102.80.

The short term trend is to the upside 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 102.30 targeting 100.75 and stop loss above 103.30 may be appropriate.