Morning Report

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The pair maintains stability below the retest level shown on image, where the 50 EMA also supports the level. In addition to stochastic attempts toward overbought area. Accordingly, we maintain our expectations for an intraday downside move for today, taking into consideration that 119.40 should remain intact for our expectations to remain valid.

The expected trading range for the day is among the key support at 116.25 and the key resistance at 119.40.

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

Previous Report

Weekly Report

Support118.00117.35116.90116.25115.40
Resistance118.85119.40120.40120.80121.30
RecommendationBased on the charts and explanations above we recommend selling the pair around 118.85 targeting 116.25 and stop loss with hourly closing above 119.40 may be appropriate.