Morning Report


The pair managed to violently move downwards, forming a bearish channel as seen on the provided chart of the hourly interval. Mixing this with the under construction 3 drives pattern, we think that the intraday outlook is to the downside; targeting 145.50 zones. Stochastic is approaching overbought areas, supporting our overview.

Trading range for today is among key support at 143.20 and key resistance at 153.40.

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

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RecommendationBased on the charts and explanations above our opinion is, selling the pair from 147.65 targeting 145.50 and stop loss above 149.40 might be appropriate.