Morning Report


The pair reversed to the downside after touching 98.35 level we mentioned yesterday, accordingly, the suggested bearish scenario is likely within the upcoming period, where trading settles within the descending channel shown on image. The 50 EMA supports the scenario which targets 96.85 followed 95.70.

The trading range for the day 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