Morning Report

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The pair retreaded after testing 105.00 level, failing to settle above the level to trade back below the neckline of the bullish technical pattern-we mentioned previously-around 104.40, at the same time, price breached the short term ascending support (colored in brown), while stochastic is currently within oversold areas, therefore, we might see a retest of the breached 104.40-104.50 level before attempting to the downside again today.

The trading range for the day may be among the 102.45 support and 105.70 resistance.

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

**GMT+2 Candlesticks**

Support103.85103.30102.50102.00101.70
Resistance104.40105.00105.60106.00106.70
RecommendationBased on the charts and explanations above we recommend selling the pair around 104.50 targeting 103.85 and 103.30 ,stop loss with four-hour closing above 105.00 may be appropriate