Morning Report

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Trading continues below the retest level at 104.75, and below the support of the minor ascending channel shown above which could be a continuation flag pattern that supports the bearish trend, these factors in addition to the negative pressure from the 50 EMA suggest a downside move for today, taking into consideration that breaching 104.75 followed by 105.15 will extend the correctional move.

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.

**GMT+2 Candlesticks**

Support103.85103.00102.45102.10101.70
Resistance104.75105.15106.10106.70107.30
RecommendationBased on the charts and explanations above we recommend selling the pair around 104.75 targeting 103.30 ,stop loss with four-hour closing above 105.15 may be appropriate