Morning Report


The pair found good support at the previously breached 23.6% Fibonacci level and rebounded to settle above the 50% level and open the door toward forming a bullish technical pattern that has a neckline at the 50% aforementioned level. Therefore, the chances that we may see more upside correction that may extend to acquire the upside targets for the aforementioned pattern at 104.90. On the other hand, stochastic is clearly negative and may pressure the pair to resume the overall downside trend. Accordingly, we recommend staying aside to monitor the daily closing around 101.70 and 103.30 levels.

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 staying aside awaiting more confirmations for the next move.