Morning Report


The pair breached the minor sensitive resistance at 107.65 and trading settled above the level, this may support a bullish move as the aforementioned level is a neckline for a bullish technical pattern, thus, we expect an intraday upside move supported by the mentioned pattern and targeting 108.80-109.00 and may extend toward 109.60.We should mentioned that breaching 107.65 will push the pair to the downside toward the support the ascending channel at 106.35.

The trading range for the day may be among the 105.50 support and 109.60 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 107.65 targeting 108.80 and 109.60, loss below 106.35 might be appropriate for today.