Morning Report


Trading remain stuck among the minor ascending channel shown above , which we believe is a flag continuation pattern, therefore, we hold onto our expectations for a bearish move supported by the 50 EMA and the bearish technical pattern that was breached lately. Breaching 101.40 is required to activate the bearish scenario.

The trading range for today is expected among the key support at 100.00 and the key resistance at 103.00.

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 101.40 targeting 100.00 ,stop loss with four-hour closing above 102.30 may be appropriate