Morning Report


The upside bias continued to push the pair to surpass the resistance of the range bound shown on image at 98.35, accordingly, we expect further bullishness for a possible test of 99.00 which is the resistance of the main descending channel, where the pair may resumethe intraday downside move. The 50 EMA is pressuring the pair to the downside while stochastic is in overbought area as well, supporting our bearish expectations towards the main targeted area at 96.10. Breaching 99.00 may delay acquiring the awaited move.

The trading range for the day is expected among the key support at 96.10 the key resistance at 99.00.

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 around 99.00 targeting 97.40 and stop loss with four-hour closing above 99.55 may be appropriate.