Morning Report

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The pair provided a daily closing above the SMA 50 supporting the continuation of the suggested bullish pattern with the neckline at 132.70. Therefore, we preserve our expectations for a possible bullish intraday move today targeting the neckline areas mentioned to extend the upside move then towards 134.50. Areas of 130.10 must hold for the pair to continue trading within the ascending channel shown above.

The trading range for today is among the key support at 130.00 and key resistance at 134.50.

The general trend over short term basis is to the downside targeting118.80as far as areas of 150.75 areas remain intact.

Previous Report

Weekly Report

Support131.00130.40130.00129.40128.40
Resistance132.00132.70133.40134.00134.50
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 131.00 targeting 132.70 and stop loss below 130.00 might be appropriate