Morning Report

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The pair continues to fluctuate among the minor ascending channel shown above, but around the 104.75 retest level, where the 50 EMA is forming a strong resistance that is halting further inclines. Accordingly, we still need more confirmations for the upcoming intraday move by monitoring 103.60 and 104.95 levels.

The trading range for the day may be among the 102.45 support and 106.70 resistance.

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

Support104.25103.85103.00102.45102.10
Resistance104.75104.95105.35106.10106.70
RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmations.