Morning Report

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The pair successfully breached the support of the minor ascending channel shown in image, which turns into a resistance at 126.15 now. The 50 EMA supports price and may push it to retest the breached level. Stochastic is providing negative signs, therefore, we expect a downside intraday move targeting mainly 125.05 and 124.00, and requires stability below 126.95.

The trading range for the day is among the major support at 122.55 and the major resistance at 127.55.

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

Previous Report

Weekly Report

Support126.00125.05124.65124.00123.30
Resistance126.15126.95127.55128.05128.50
RecommendationBased on the charts and explanations above we recommend selling the pair around 126.15 targeting 124.00 and stop loss with hourly closing above 126.95 may be appropriate.