Morning Report


The pair is fluctuating with a slight bullish bias since yesterday, approaching the awaited retest level at 98.35, where we anticipate a test of this level before resuming the bearish intraday move supported by trading within the main descending channel in addition to the negative pressure from the 50 EMA and negativity on stochastic. Main targets start at 96.85,while the expected move requires steady trading below 99.60.

The trading range for the week is expected among the key support at 96.00 and the key resistance at 99.60.

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 around 98.35 targeting 96.85 and 96.00, stop loss above 99.10 may be appropriate