Morning Report


The symmetrical triangle continues to confine trading as shown above, this narrow trading suggests that we may see an acceleration following the breach of the formation, the pattern is a continuation one per se, and thus, the pair may be in its way to continue the bearish downside move today. Stochastic is providing negative signs over four-hour basis, while the 50 EMA is supporting the bearish wave. Expected targets start at 100.00 and require steady trading below 102.45.

The trading range for today is expected among the key support at 99.40 and the key resistance at 102.45.

The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.

RecommendationBased on the charts and explanations above we recommend selling the pair with a breach below 101.20 targeting 100.00 , stop loss with four-hour closing above 101.70 may be appropriate