Morning Report

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The pair continued trading positively to reach near 105.00 after successfully surpassing the pivotal resistance at 103.85, however, the negativity on momentum indicators is hindering the pair's upside attempts which may push the pair to retest the breached resistance before resuming the intraday upside move for today. Steady trading above 103.85-103.50 is necessary to achieving the upside target at 105.45.

The expected trading range for the day is among the key support at 103.50 and the key resistance at 106.40.

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

Previous Report

Weekly Report

Support103.85103.50102.65102.10101.70
Resistance105.10105.75106.40106.80107.90
RecommendationBased on the charts and explanations above we recommend buying the pair around 103.85 targeting 105.75 and stop loss with four-hour closing below103.50 may be appropriate.