Morning Report

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The secondary four-hour chart explains our yesterday's technical idea that, the pair was just correcting the panic sell-off actions occurred in the past week and was also gathering the momentum it needs to move downwards once more. Classically speaking the stable move below SMA 50 and SMA 100 alongside yesterday's negative closing could bring a new descending wave, retargeting the recorded low of last week at 127.65 zones. Stochastic is still negative.

The trading range for today is among key support at 130.40 and key resistance at 143.60.

The general trend over short term basis is to the downside, targeting 126.80 as far as areas of 150.70 areas remain intact.

Weekly Report Previous Report

Support137.30136.20135.50135.00134.25Resistance138.60139.75140.50141.50142.75RecommendationBased on the charts and explanations above our opinion is, selling the pair from 137.90 targeting 135.00 and stop loss above 140.10 might be appropriate.