Morning Report

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The pair is trading near the retest level at 104.75, while trading continues to be positive over intraday basis affected by the falling wedge formation which was completed previously as shown above, therefore, there are technical contradictions at the moment, and we prefer being neutral for now until we monitor trading around the sensitive levels among 103.60 support and 104.75-104.95 resistance.

The trading range for the day may be among the 102.25 support and 106.70 resistance.

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

Support103.40102.65102.10101.70101.35
Resistance104.25104.75`105.00105.35105.90
RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmations.