Morning Report


The pair continues to trade negatively approaching the first target around 102.10, while a minor descending channel may be developing after the latest retest of 104.75. In general, we expect further downside movement today, which may preceded by some correction affected by positivity on stochastic. Next target resides at 101.65.

The trading range for the day may be among the 101.00 support and 103.80 resistance.

The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.

RecommendationBased on the charts and explanations above we recommend selling the pair around 103.00 targeting 101.65 , stop loss with four-hour closing above 103.80 may be appropriate