Morning Report

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The pair rallied sharply yesterday to surpass the 118.85 retest level, and this will push us to monitor trading today around the intraday directional key levels, where a bullish technical pattern has appeared with a neckline at 120.40, in case the pair managed to surpass this level ; the door will open toward the main descending resistance of the descending channel at 123.30, while trading back below 118.85 may signal a possible attempt to resume the main downside trend and hints the recent rally is a mere pullback.

The expected trading range for the day is among the key support at 117.35 and the key resistance at 122.10.

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

Previous Report

Weekly Report

Support119.50118.85118.0117.35116.90
Resistance120.40120.80121.30122.10122.65
RecommendationBased on the charts and explanations above we recommend selling the pair with hourly closing below 118.85 targeting 116.90 and stop loss with hourly closing above 119.5 OR buying the pair with hourly closing above 120.40 targeting 122.10 and stop loss with hourly closing below 119.50