Morning Report


The pair breached successfully the resistance of the range bound shown on image to acquire the complete targets at 107.9. Some fluctuation is expected now and some downside correction is possible, as momentum indicators are providing negative signs over four-hour basis, the downside correction may extend to retest the breached resistance at 106.50 before heading to resume the intraday upside move targeting 108.95 and 109.70.

The trading range for the day may be among the 106.50 support and 109.70 resistance.

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

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RecommendationBased on the charts and explanations above we recommend buying the pair around 106.50 targeting 107.90 and stop loss below 105.85 may be appropriate for today.