Morning Report


The pair is fluctuating among a narrow range around the 50 EMA and near the resistance of the descending channel shown on image, while stochastic is down-trending after leaving overbought areas; accordingly, we expect a downside move today targeting 96.85 followed by 95.80. Steady trading below 98.35 is necessary to acquire the awaited targets.

The trading range for the day is expected among the key support at 95.60 the key resistance at 98.80.

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

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RecommendationBased on the charts and explanations above we recommend selling the pair around 98.35 targeting 96.85 , stop loss with four-hour closing above 98.80 may be appropriate