Morning Report

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Yesterday, the pair rallied before reversing quickly again to trade below the minor support we mentioned yesterday at 121.30. The 50 EMA is protecting the current downside wave, therefore, a downside move is in favor today, the move requires that the pair settles again below 121.30 and steady trading below 122.35.

The expected trading range for the day is among the key support at 118.00 and the key resistance at 123.30.

The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.

Previous Report

Weekly Report

Support121.30120.50119.80118.85118.00
Resistance122.00122.65123.30124.00124.65
RecommendationBased on the charts and explanations above we recommend selling the pair with hourly closing below 121.30 targeting 120.00 and stop loss with hourly closing above 122.00 may be appropriate.