Morning Report


The pair is trading around the pivotal resistance at 128.15, where stochastic is overbought , and this is what supports this resistance and push us to hold onto our bearish intraday move expectation for today targeting initially 126.65 followed by 125.65. While stability above the aforementioned resistance may push the pair toward the resistance of the main descending channel shown in image above.

Trading range for the day is among the major support at 125.65 and the major resistance at 130.00.

The short term trend is to the downside targeting 112.00, as long as 150.00 remain intact.

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RecommendationBased on the charts and explanations above we recommend selling the pair around 128.15 targeting 125.65, stop loss above 129.40 may be appriopriate.