Morning Report

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The pair inclined to close yesterday above 125.65 level as shown in image, and this might be the reason for more minor upside attempts however and due to the main descending channel in addition to the negative pressure by the 50 EMA we recommend staying aside for now to monitor trading awaiting a sign of a reversal and the resumption of the main downside move again, trading back below 125.65 will resume intraday bearishness while breaching 126.00 may signal continuation toward 126.70 and 127.50.

Trading range for the week is among the major support at 121.10 and the major resistance at 127.70.

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

Previous Report

Weekly Report

Support125.65125.05124.65124.00123.30
Resistance126.00126.70127.25127.50128.05
RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmation for the next move.