Morning Report

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The pair is trading steadily within a thigh range since reaching 132.00 areas, while above we can see that the best formation for the positive pattern is when the neckline is tilted to reside now at 132.30. The SMA 50 supports the pair from below and accordingly we expect an intraday upside move today initiated with a clear breach and stability above the mentioned neckline, targeting initially 134.50. The upside wave requires stability above 130.60.

The trading range for today is among the key support at 130.60 and key resistance at 135.00.

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

Support132.00131.30130.35130.00129.40
Resistance132.30133.40134.00134.50135.00
RecommendationBased on the charts and explanations above, our opinion is buying the pair with hourly closing above 132.30 targeting 134.50 and stop loss below 131.80 might be appropriate