Morning Report


The pair is still caught between critical areas that represent the retest of the breached resistance -now support- at 105.80 and below the MA 50 -now at 106.95- and therefore the next intraday move is not fully confirmed. We remain neutral for today and observe the daily closing around the mentioned areas.

The trading range for today is expected among the key support at 105.00 and the key resistance at 108.95.

The short term trend is to the downside as far as 123.30 remains intact with targets at 94.80.

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RecommendationBased on the charts and explanations above we recommend observing trading today awaiting more confirmations