Midday Report

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The narrow range continues to dominate , where trading settles over daily closing basis below the resistance of the descending channel thus supporting our outlook for an intraday downside move for today, targeting mainly 104.95 followed by 103.15, while a breach above 106.00 will invalidate the scenario.

The trading range for the day 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
Resistance106.00106.50106.95107.60107.90
RecommendationBased on the charts and explanations above we recommend selling the pair around 106.00 targeting 104.00 and stop loss above 106.95 may be appropriate.