Morning Report


SMA 50 has been able to stop the sharp decline yesterday and now, the pair is achieving a slight correction to relieve momentum indicators. In general, more downside actions might be seen today targeting 106.00 but 108.45-neckline of double top pattern- might be retested before resuming the bearish rally.

The trading range for today is among the major support at105.70 and the major resistance at 108.95.

The short-term trend is to the downside as far as 123.30 remains intact, targeting 94.80.

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Weekly Report

RecommendationBased on the chart and explanations above, our opinion is selling the pair around 108.45, targeting 107.00 and 106.00 and stop loss with above 109.40 might be appropriate.