Morning report


Depending on the Japanese analytical school (candlesticks and Ichimoku indicator); the pair has developed consecutive positive candlestick structure above Ichimoku cloud. Thus, it has been able to build a corrective bullish channel for the downside rally that had started at 149.05 and bottomed at 141.95 zones. Since the pair commonly corrects around 76.4% Fibonacci, so that potential upside move is to be seen over intraday basis, targeting 147.35 zones.

Trading range for today is among key support at 140.00 and key resistance at 150.60.

The general trend is to the downside as far as 167.40 remains intact with target at116.00.

RecommendationBased on the charts and explanations above our opinion is, buying the pair from 144.80 targeting 147.30 and stop loss below 142.70 might be appropriate.