MiddayReport

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The pair is trading with a slight downside bias since morning, maintaining stability below the support of the breached channel. Accordingly, we hold onto our morning expectations for a downside move supported by the negative pressure from the 50 EMA.

The trading range for the day is expected among the key support at 99.40 and the key resistance at 102.65.

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

Support101.00100.75100.0099.4098.50
Resistance101.70102.65103.35103.80104.25
RecommendationBased on the charts and explanations above we recommend selling the pair with a breach below 101.70 targeting 100.00 ,stop loss with four-hour closing above 102.55 may be appropriate