Morning Report

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The pair is presently retesting previous broken support line of the suggested descending triangle pattern-continuation pattern-, which we explained in details in our weekly report. Since the pattern is a continuation pattern, we will keep our negative anticipations unchanged over intraday basis, supported by the negativity appearing on OsMA indicator. A break of 126.25-126.30 zones will bring panic sell-off actions.

The trading range for today is among key support at 124.30 and key resistance at 130.50.

The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.

Previous Report

Weekly Report

Support126.25125.50124.90124.30123.60
Resistance127.30128.40129.40130.00130.50
RecommendationBased on the charts and explanations above our opinion is, selling the pair around 127.30 targeting 124.80 and stop loss above 129.45 might be appropriate.