Morning Report

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The pair is attempting to the upside again, trying to breach the 104.35 level, where trading continues to be capped by the 50-days Moving average, at the same time a short term bullish technical pattern was breached lately as shown above, while stochastic is supporting the bullish bias, therefore, we expect an intraday bullish move if 104.40 was taken targeting mainly the 50 days average followed by the latest high at 105.70

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
Resistance104.40105.00105.65106.00106.70
RecommendationBased on the charts and explanations above we recommend buying the pair with four-hour closing above 104.40 targeting 105.00 and 105.65, stop loss below 103.60 may be appropriate