Midday Report

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Although the pair rallied after breaching the falling wedge formation, it couldn't stabilize above the important resistance 104.75, as this resistance may be a barrier and push the pair to reverse course again, supported by the negativity on RSI, the 200 EMA is forming an upside barrier as well around 105.00. Therefore, we expect a bearish move today.

The trading range for the day may be among the 101.70 support and 106.50 resistance.

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

Previous Report

Weekly Report

Support103.40102.65102.10101.70101.35
Resistance104.25104.75105.00105.35106.10
RecommendationBased on the charts and explanations above we recommend selling the pair around 104.25 targeting 101.70 ,stop loss with four-hour closing above 105.35 may be appropriate