Morning Report

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The range bound continues to confine trading as shown above, while stochastic is down-trending and may support breaching the support of the range at 103.40 opening the door toward our suggested intraday bearish scenario. The effect of the previously breached bearish technical pattern remains valid, mentioning that breaching above 104.75 again may invalidate the pattern.

The trading range for the day may be among the 101.70 support and 104.75 resistance.

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

Previous Report

Weekly Report

Support103.40102.65102.10101.70101.00
Resistance104.25104.75105.35106.10106.50
RecommendationBased on the charts and explanations above we recommend selling the pair around 104.25 targeting 102.10 and stop loss with four-hour closing above 104.75 may be appropriate