Morning Report

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Yesterday, trading was limited among the the resistance of the descending channel and the critical support at 104.95, we are still waiting for a breach below the aforementioned support to expect the resumption of the downside move , maintaining the daily closing below the resistance level encourage us to remain on the bearish side,while targets to the downside start at 104.00.

The trading range for the week may be among the 103.15 support and 107.00 resistance.

The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.

Previous Report

Weekly Report

Support105.60104.95104.25104.00103.15
Resistance105.90106.50106.95107.60107.90
RecommendationBased on the charts and explanations above we recommend selling the pair around 105.90 targeting 104.00 and stop loss above 106.95 may be appropriate.