Morning Report

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The pair is fluctuating around the support of the main descending channel -shown on image-, we mentioned in our yesterdays' midday report that there is a possible upside rebound that may carry the pair to trade normally among the channel, however, we will count on the latest breach of the pivotal support at 118.85 to expect an intraday downside move, taking into consideration that breaching 118.85 will open the door toward the channels' resistance level around 123.30.

The expected trading range for the day is among the key support at 115.40 and the key resistance at 119.45.

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

Previous Report

Weekly Report

Support117.35116.90116.00115.40115.00
Resistance118.00118.85119.45120.35120.80
RecommendationBased on the charts and explanations above we recommend selling the pair around 118.85 targeting 117.35 and stop loss with four-hour closing above 119.45 may be appropriate.