Morning Report

width=640

a good support at 118.85, and rebounded to the upside to approach the pivotal resistance we mentioned previously at 120.40. Stochastic is providing positive signs over four-hour basis, therefore, we favor an intraday upside move for today , however it requires to conditions; a clear breach of 120.40 which will open the door toward 123.10, and steady trading above 118.85.

The expected trading range for the day is among the key support at 118.00 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

Support119.50118.85118.00117.35116.90
Resistance120.40120.80121.30122.10122.65
RecommendationBased on the charts and explanations above we recommend buying the pair with hourly closing above 120.40 targeting 122.10 and stop loss with hourly closing below 119.50 may be appropriate.