Morning Report

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The pair continues to trade within the minor ascending channel as shown on the image, while Stochastic continues to pressure the pair negatively; therefore, we expect a downside move for today counting on the continuation flag pattern -the aforementioned minor channel- which we need a breach of 105.80 support to confirm this pattern. Breaching 107.65 may delay acquiring the suggested decline.

The trading range for the day may be among the 105.40 support and 109.00 resistance.

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

Previous Report

Weekly Report

Support106.95106.50105.80104.95104.25
Resistance107.65108.40109.00109.70110.55
RecommendationBased on the charts and explanations above we recommend selling the pair around 107.65 targeting 105.80 and stop loss above 108.40 may be appropriate.