Morning Report

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The 50 EMA managed to halt the upside move, to reverse to the downside again, although we witnessed a test of levels just above 125.00, but the pair dipped quickly below the level without acquiring any four-hour closing above; this is a negative sign, where stability below 123.20 minor support may extend the downside movement.

The trading range for the week may be among the major support at 120.80 and the major resistance at 127.30.

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

Previous Report

Weekly Report

Support123.20122.70122.20121.40120.80
Resistance124.00124.65125.00125.85126.15
RecommendationBased on the charts and explanations above we recommend selling the pair below 124.00 targeting 122.20 and stop loss above 125.00 might be appropriate.