Morning Report

width=640

The pair is trading positively since today's opening to breach the retest support level of the minor ascending channel shown on image, while stochastic has entered overbought areas, and the 50 EMA continues to pressure the pair to the downside , these factors may support the pair to continue trading within the descending channel shown above, thus we maintain our bearish expectations for the pair, targeting 95.80, while steady trading below 98.65 is required for these expectations to remain valid.

The trading range for the day is expected among the key support at 96.10 the key resistance at 98.65.

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

Support97.5096.8595.8094.8594.00
Resistance98.3598.6599.55100.30101.00
RecommendationBased on the charts and explanations above we recommend selling the pair with four-hour closing below 97.50 targeting 95.80 and stop loss above 98.65 may be appropriate.